Former Gazprombank Luxembourg executives under scrutiny for bond trading

A Financial Times investigation has revealed that four former senior executives of Gazprombank Luxembourg are under scrutiny for conducting over 50 personal transactions involving undervalued Gazprom bonds. These activities, which took place between July and November 2022, reportedly generated over €17 million in transfers following the conversion of rouble-denominated funds, with potential combined profits exceeding €9 million.

Financial documents suggest that the transactions were processed through the Swiss broker Compagnie Bancaire Helvétique (CBH) and a Cyprus-based financial entity, Veles International. While Veles International is identified as a conduit in the flow of funds, available information indicates that the company is not accused of illegal activities or breaches of European sanctions at this time.

The case highlights the movement of capital through international financial intermediaries during a period of complex market dynamics in 2022. There is currently no information regarding specific criminal charges or formal legal proceedings against the individuals involved, though the investigation into the nature of these transactions continues.