Kazakhstan's Freedom Holding is helping Russian oligarchs evade sanctions and launder funds, according to a report from short seller Hindenburg Research.
was founded in Moscow in 2008, before later moving to Kazakhstan, and listed on the Nasdaq in 2019. After Russia invaded Ukraine early last year, U.S. sanctions essentially severed ties between American and Russian banks and companies. Freedom sold off its Russian business."We found that Freedom still does business in the Russian market, and that the company has openly flouted sanctions along with anti-money laundering and know-your-customer rules," the firm wrote.fell about 3.
"Just bring your money. There's no source of income, source of funds. There's no KYC. Nothing," the firm said, quoting the former employee. "The best part is this is violating almost every country's anti-money and anti-terrorist financing laws. They could bring cash. I've personally seen suitcases with $2.5 million brought in cash by a client.
A Freedom spokesperson, working for an outside firm in the U.S., told CNBC that Hindenburg's allegations are "without merit."
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