Russian Prosecutor's Office Withdraws Lawsuit Against Timur Turlov and Freedom Holding Corp.
The Tverskoy District Court in Moscow has terminated proceedings in an administrative case brought by the Russian Prosecutor General's Office against Timur Turlov, founder of Freedom Holding Corp. and president of the International Chess Federation (FIDE).
On October 15, 2026, the court accepted the Prosecutor General's Office's refusal to pursue the claim, ended the case, and removed all previously imposed protective measures on the defendants' property.
Court Proceedings and Withdrawal
The statement of refusal was submitted on October 14, 2026, by Deputy Prosecutor General Igor Tkachev. The following day, the judge informed the parties, held a preliminary hearing, and approved the withdrawal. No explanation for the decision was given during the session.
The court canceled all asset freezes and other interim measures that had been applied earlier in the proceedings. This ruling applies specifically to the current administrative case and does not resolve the underlying claims on their merits.
Original Demands by the Prosecutor General's Office
The lawsuit sought to transfer cash, other assets, movable and immovable property belonging to the defendants into state ownership. According to sources cited by Interfax, the total value was estimated in the hundreds of millions of dollars. The claim also requested that the defendants be recognized as an extremist association and that their activities in Russia be prohibited.
At the time the case first appeared in court records, detailed grounds for the demands were not publicly disclosed, and the case file contained no list of specific assets targeted.
Defendants Named in the Case
- Timur Turlov
- Arkady Shchukin
- Freedom Holding Corp.
- Freedom Finance Europe Ltd.
- W-Empirical Holding Corp.
Kazakhstan-based operating companies of the group were not included among the defendants.
Case Timeline
- September 24, 2026 – The administrative claim was registered with the Tverskoy District Court.
- September 28, 2026 – The claim was accepted for proceedings.
- October 1, 2026 – Information about the case became public via the court database.
- October 14, 2026 – Deputy Prosecutor General Igor Tkachev filed the withdrawal statement.
- October 15, 2026 – The court terminated proceedings and lifted asset restrictions.
Implications of Case Termination
Under Article 195 of the Russian Code of Administrative Procedure, the accepted refusal prevents the Prosecutor General's Office from refiling an identical claim against the same parties concerning the same subject matter and grounds.
The ruling may still be appealed, but the current proceedings have concluded due to the claimant's voluntary withdrawal.
Freedom Holding Corp. Position
Following the initial reports, Freedom Holding Corp. stated it was reviewing the situation and saw no significant risks to its operations. The company noted it maintains no assets or activities in Russia and expressed surprise at the nature of the claims while emphasizing compliance with applicable laws and regulations.
Background on Timur Turlov
Timur Turlov is a Kazakhstani billionaire and majority shareholder of Freedom Holding Corp., a U.S.-registered company listed on Nasdaq. The group provides brokerage, banking, insurance, and other financial services, with Kazakhstan as its primary market. Turlov acquired Kazakh citizenship in 2022 after renouncing Russian citizenship and was elected FIDE president in September 2026. His net worth was estimated at $5.2 billion by Forbes Kazakhstan in May 2026 and stood at $7.2 billion according to Forbes global tracking as of October 23, 2026.
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