Itera began life as little more than a bill collector for Gazprom, Russia’s state-owned gas monopoly. Many think its real purpose was simply to siphon cash out of Gazprom and into management’s pockets. Now Itera plans to float on the German stock exchange. Will investors be tempted? Probably not, but that is not the point of the IPO.
Registered in Florida (and re-registered in the Dutch Antilles), Itera was set up to collect Ukraine’s gas bill.
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