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Hindenburg Analysis

A $4.6 billion internet brokerage with a Kazakhstani origin is being challenged by Hindenburg Research, a well-known short seller who has wagered on electric vehicle company Nikola, Carl Icahn, and Jack Dorsey’s Block.

In 2008, Freedom Holding Corp. was established in Moscow. It then relocated to Kazakhstan, and in 2019, it was listed on the Nasdaq. U.S. sanctions that followed Russia’s invasion of Ukraine early last year virtually cut relations between American banks and businesses and Russian businesses. Freedom’s Russian operations were sold off.

However, those ties continue to be strong, according to a study from Hindenburg on Tuesday.

According to the firm, “We discovered that Freedom still conducts business in the Russian market and that the company has flagrantly disregarded sanctions as well as AML and KYC regulations.”

Source (CNBC)

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