Information wars in Kazakhstan’s financial market are reaching a new level. According to estimates from a Kazakhstani business publication, the long-running flow of negative publications about Timur Turlov and his business may have cost those behind it tens of millions of dollars.
According to the outlet, the campaign against Timur Turlov and the fintech group Freedom Holding Corp. he founded has been ongoing for about seven years. Analysts note that such prolonged and intensive pressure is atypical for Kazakhstan’s media market, where reputational attacks are usually short-term. The start of the active phase is linked to the company’s listing on NASDAQ.
The highest concentration of messages has been observed in the Russian-language internet space. In 2025 alone, around 72,000 critical publications appeared: approximately 55,000 on Telegram and another 17,000 on websites imitating media outlets. These platforms often lack licenses, operate anonymously, and publish unverified information. In the first weeks of 2026, the number of such messages already exceeded 3,200. Experts estimate the total cost of the campaign at $20–50 million over the entire period, with peak budgets allocated in 2025 – roughly $11–$12 million.
For comparison, similar publications about the owners of Kazakhstan’s largest banking and fintech institutions – Kaspi and Halyk Bank – Vyacheslav Kim, Mikhail Lomtadze, and Timur Kulibayev – amount to only a few dozen per year.
PR specialists believe that the repetition of narratives and the absence of direct demands made of the “target” distinguish this situation from classic information blackmail schemes. Experts suggest this is more likely a case of systemic competitive pressure amid Freedom Holding’s expansion into adjacent segments such as banking, telecom, media, and fintech.
Timur Turlov himself previously stated that the information pressure has not subsided since 2019. According to him, maintaining such a large-scale campaign would only be possible for organizations with substantial financial and organizational resources.
Meanwhile, the holding’s business performance has shown growth. Since its NASDAQ listing, Freedom Holding’s shares have increased nearly eightfold – from $14 to $116 – and its market capitalization has exceeded $7 billion. Last year, Forbes estimated Turlov’s fortune at $5.8 billion.
In recent years, Freedom Holding has evolved from a brokerage firm into an international financial group operating in more than 20 countries. In Kazakhstan, Freedom Bank became the core of the ecosystem, acquired in 2020 from Bulat Utemuratov. The bank strengthened its market position, and its digital services became some of the most downloaded in the country. The total number of ecosystem clients approached 7.2 million and exceeded 11 million when partners were included.
In an interview with Bloomberg, Timur Turlov did not rule out further deals in the banking market. In addition to financial assets, the holding’s structure includes insurance companies, a telecom operator, retail, and travel services. Freedom Holding also participates in digital infrastructure projects. In particular, agreements were signed with Nvidia to create a sovereign artificial intelligence center and with OpenAI, under which 165,000 Kazakhstani teachers are expected to receive access to ChatGPT Edu.
Commenting on the information attacks, Timur Turlov emphasized that he does not consider responding with “black PR” appropriate and prefers to use legal mechanisms to protect his reputation.
