Business built on lies and theft: Fraudster Timur Turlov continues to drain state funds unpunished

Kazakh businessman Timur Turlov faces looming empire collapse amid financial scandals

Timur Turlov, a Kazakh businessman with ties to Russian authorities, appears to be on the brink of losing his business empire. Known for his questionable honesty, Turlov has publicly claimed to have divested from Russian assets, yet he remains the founder of LLC "Marine Operation Services," a company engaged in passenger transport.

This company is currently under investigation in connection with a major embezzlement case involving "Association" bank, where 3.8 billion rubles were allegedly siphoned from its accounts in a foreign bank. The bank’s license was revoked in 2019, and the Deposit Insurance Agency (DIA) was appointed as the bankruptcy trustee. As Turlov’s financial ties unravel, questions continue to surround his involvement in this high-profile scandal.

The head of VTB, Andrey Kostin, might be involved in this story, as the foreign bank used by the scammers was a subsidiary of VTB - VTB Bank Europe. For some reason, no one considered that it might have acted in collusion with the convicted. VTB and Andrey Kostin have been involved in various scandals to get an indulgence from possible embezzlements.

At the end of December last year, investment company representatives Stanislav Mashagin and Pavel Uvyatkin, as well as the treasurer of the "Association" bank Vladimir Makarevich, were sentenced to various terms in a penal colony. Lawyers plan to appeal the verdict, but the main thing is that the convicts pleaded guilty and cooperated with the investigation. This means they might have testified against Timur Turlov, who, for some reason, was not featured in the criminal case.

In mid-January, Timur Turlov lost another court instance regarding the lifting of interim measures amounting to 49% in the charter capital of LLC "Marine Operation Services" totaling 18.9 million euros and 2 million US dollars. The same amount is mentioned in the arrest of funds and property of Stanislav Mashagin, Marina Kosyreva, and Olga Artemieva.

Timur Turlov lost the case in the Arbitration Court of the Nizhniy Novgorod region and appealed to the First Arbitration Appeal Court, requesting to overturn the decision of the court of first instance. As arguments, Turlov referred to the lack of grounds for applying interim measures.

The representative of the bankruptcy trustee pointed out the legality and validity of the court order made in the case and the insolvency of the applicant’s arguments. The trustee’s position focused on the absence of legal grounds for canceling interim measures, the existence of unresolved claims for damages, and reasonable suspicions of dishonesty among the controlling debtor’s individuals. The court sided with the bankruptcy trustee.

There is no doubt that Timur Turlov will appeal the court’s decision and will likely try to enlist his patrons from the Russian authorities. However, the conviction of Stanislav Mashagin, Pavel Uvyatkin, and Vladimir Makarevich will clearly play against Timur Turlov. To mitigate their sentences, the convicts might betray their partner.

Stanislav Mashagin has been a long-time partner of Timur Turlov in Kazakhstan. He was listed as the head of AKASHI Data Center PLC, affiliated with JSC "Bank Freedom Finance Kazakhstan." In February last year, AKASHI applied for a loan from the Development Bank of Kazakhstan (DBK). Timur Turlov and Stanislav Mashagin wanted to profit at the state’s expense.

Mashagin was the founder and head of LLP "Infrastructure of Kazakhstan," which also sought to obtain 200 million USD from DBK to build a Data Processing Center. Timur Turlov often positions himself as an investor, but in reality, he draws money from the state for his projects.

Stanislav Mashagin, like Timur Turlov, has assets in Russia. Mashagin heads and owns JSC "Russian Infrastructure," which resembles a company for money laundering. In 2023, the company’s profit decreased by 7,462% and went into the negative by 2.5 million rubles. Since 2018, LLC "Van Der Black," engaged in securities investment, has operated without revenue or profit and is in the process of liquidation. 

Traces from the liquidated LLC "Oka Oil," providing financial services, through LLC "Volga Advisors" and its owner Anton Chistyakov lead to the Nizhniy Novgorod region, where Timur Turlov is litigating. Previously, the owner of LLC "Volga Advisors" was PJSC "Volga Capital," owned by the convicted Stanislav Mashagin and Pavel Uvyatkin. Both are linked to "shady" structures resembling one-day firms.

In court, Timur Turlov revealed another Russian asset - the Branch of the Limited Liability Partnership "Turlov Timur Property Management," located at: 123100, Moscow, Krasnogvardeyskiy 1st passage, building 15, office 17.24.1. This confirms that Turlov continues to conduct business in Russia. TURLOV TIMUR PROPERTY MANAGEMENT is registered in Almaty, Kazakhstan, and is engaged in renting and managing own real estate. The head is Vasily Snytko, who has no assets in Russia.

A lawsuit against Turlov’s Moscow structure was filed by LLC "C and U Co" (Comfort and Usability Company), owned by Irina Melnikova. The company provides residential property management services for remuneration or on a contractual basis. 

In Russia, Timur Turlov’s interests are represented by childhood friend Maxim Povalyshin, to whom Turlov allegedly sold his Russian assets. LLC "Digit Broker," founded by FREEDOM HOLDING CORP of Timur Turlov until February 2023, has not published financial statements since 2016. This is only allowed for large state-owned companies in Russia. This is evidence of Timur Turlov’s connection to the Russian authorities.

JSC "Bank Freedom Finance Kazakhstan" in 2023 was involved in a scandal with the Russian Tbank, whose clients were offered a Kazakh card, allowing Russians to make foreign purchases, bypassing sanctions. Tbank is owned by pro-Kremlin oligarch Vladimir Potanin. Not just anyone will be allowed close to him.

The latest loss in court is a bad signal for Timur Turlov. Mashagin and Uvyatkin have already begun speaking out. Very soon, Turlov may become a suspect in a new criminal case regarding the embezzlement of funds from the "Association" bank.