In 2013 and 2014, VTB – with BNP Paribas and Credit Suisse – raised $2 billion in bonds and loans for companies owned by Mozambique’s defence ministry.
Less than half of that amount was publicly disclosed, and the proceeds were partly used to buy military speedboats, as opposed to their declared use: the country’s tuna fishery activities.
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Andrey Kostin, |
VTB, under chairman Andrey Kostin, has reportedly become the object of scrutiny by US, UK and Swiss financial regulators as a result of these transactions.
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