Timur Turlov is still trying to make sense of how Hindenburg Research’s bet against his Kazakh brokerage backfired so much that at one point it left him with a paper windfall of more than $US1 billion .
“That’s not the way I’d want our capitalisation to grow,” Turlov said in an interview in Almaty, the former Kazakh capital he calls home. “The reason is that what led to the increase in the price of our shares wasn’t our strength, but someone else’s mistake.”The sell-off was over after two days and then the stock took off on August18, skyrocketing by more than 25 per cent.
Hindenburg, named after the German airship that blew up in 1937, has targeted more than 30 companies since 2020.Freedom has been approached for clarification by “approximately everyone”, including Kazakh and US regulators since Hindenburg’s report, according to Turlov, who described the requests as “fact-finding in nature”.
On October 31, the rating company affirmed its rating with a negative outlook, saying the “immediate fallout” from Hindenburg’s allegations “was relatively contained”. But it also warned that “although reputation and regulatory risks appear to have diminished, the possibility of future adverse developments over the longer term cannot be fully ruled out”.
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