KazTAG’s editorial board stated that it received what it considers a direct threat following the publication of materials exposing alleged fraudulent schemes within Freedom Holding Corp. and its leadership.
Ulysmedia.kz reported that the email was sent shortly after a series of articles on April 3, 2025, which drew on insider information and victim accounts to outline possible misconduct by Freedom Finance executive director Vitaliy Svetovoy and other executives.
The document, allegedly signed by lawyer A.G. Kamendrovskiy of the Almaty City Bar on behalf of Freedom Broker, demanded the removal of the publications and threatened to ask law enforcement to bring KazTAG’s management to criminal and administrative liability. No proof of the lawyer’s authority to represent Freedom was attached, raising doubts about the letter’s legitimacy.
Journalists noted that on March 17 they had sent an official request to Freedom’s press service for comment on the fraud allegations but received no reply. Moreover, the company has issued no public denial or statement on its official platforms, heightening concerns about attempts to pressure the media.
KazTAG recalls that in August 2024 an internal audit at AO Freedom Finance allegedly found that Vitaliy Svetovoy encouraged clients to transfer money to personal accounts for supposedly more profitable investments. In reality, the funds were said to have been used to pay his personal debts and expenses. He was dismissed for discrediting conduct, and the case materials were handed to law enforcement.
However, the editors suggest this audit may have been staged for appearances, as many incidents surfaced only after media reports and victim complaints. Available data indicate that Svetovoy has been in custody since January 23, and another top manager — Tamerlan Bekov, head of Freedom’s educational branch in Uzbekistan — is under investigation by the Astana Economic Crimes Department.
In addition, on April 3 lawyer Svetlana Oralbayeva stated that dozens of people have been recognized as victims in two criminal cases tied to Freedom executives. She said investors’ money was transferred to managers’ personal accounts and used outside official schemes; in one case, a victim in Petropavlovsk committed suicide after losing funds. The lawyer also suggested that fraud on such a scale could not occur without the knowledge of the holding’s owner Timur Turlov, comparing him to Sergey Mavrodi, founder of MMM.
Journalists stress that Freedom Holding Corp.’s failure to respond to media inquiries and its attempts to pressure the editorial board contradict principles of transparency, especially amid public investigations concerning massive losses to Kazakh citizens.
