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It is being reported that Luxembourg’s Finance Ministry has tasked the public prosecutor to investigate suspected sanctions circumvention, and possible insider trading, by ex-managers of Gazprombank Luxembourg.
The bank and one of the ex-managers has denied wrongdoing.
The allegations arise out high profile reporting (behind a paywall, but also here) of a bond-trading scheme whereby cut-price Luxembourg bonds were swapped for full-priced bonds in Russia.
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