Freedom Finance clients are likely to get their assets back: details
14 January 2025 13:31
The National Securities and Stock Market Commission (NSSMC) has received the necessary authority to return the blocked assets to the clients of Freedom Finance Ukraine LLC. It said that the relevant decision was enshrined in a decree of the President of Ukraine, "Komersant Ukrainian" reports.
According to the regulator, the interim head of the company’s executive body has already completed the first stage of work – he has compiled a complete list of clients and their assets. The next step will be to check the client base for ties with sanctioned persons and the aggressor country with the participation of the competent authorities.
The NSSMC will soon publish a detailed decision on further actions of the interim administrator, stakeholders and clients of the company. The process of asset recovery will begin after the successful completion of the audit.
This became possible due to the joint efforts of the NSSMC, the Office of the President of Ukraine and other government agencies that worked to resolve the issue of blocked assets of Freedom Finance Ukraine clients.
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What happened to Freedom Finance Ukraine
on October 19, 2022, the National Security and Defense Council of Ukraine (NSDC) decided to impose sanctions on Freedom Finance Ukraine. This decision was also approved by the President of Ukraine. Not only this company, but also about 1,400 legal entities, including large industrial companies, pro-Russian media and publishing houses affiliated with Russia, were subject to the restrictions.
The main reason for imposing sanctions on Freedom Finance is its ties to Russia. The company started its operations in Russia, and this market was considered the second most important for the holding. The founder of Freedom Finance , Timur Turlov, who was a citizen of Russia before the outbreak of the full-scale war, changed his passport to a Kazakh one.
The authorities applied a wide range of measures to the sanctioned companies, including
- blocking of assets
- complete cessation of trading operations;
- prohibition to withdraw capital from Ukraine;
- suspension of economic and financial obligations;
- revocation or suspension of licenses and other permits;
- prohibition to participate in privatization and lease of state property.
In response to these sanctions, the National Securities and Stock Market Commission (NSSMC) suspended Freedom Finance’s license. However, this caused problems for the company’s clients, as their funds and securities were blocked.
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