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Finance Ministry shares information with prosecutor's office after Gazprombank claims

The Luxembourg Ministry of Finance has passed all available information to the public prosecutor regarding allegations that four executives at Gazprombank Luxembourg may have circumvented EU economic sanctions against Russia and engaged in insider trading. These claims were reported by the Financial Times at the end of August, with the newspaper criticising the Luxembourgish financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), for allegedly failing to act decisively.

Following a meeting of the Chamber of Deputies' finance committee on Monday, Finance Minister Gilles Roth stated that after the Financial Times article was published, he instructed his staff to forward the information they had at the ministry, including the article itself and related press enquiries, to the public prosecutor's office, which has been done. CSSF Director Claude Marx rejected the Financial Times' accusations, stating that "not everything in that article is necessarily accurate". Marx emphasised that he is legally prohibited from discussing details of specific cases within the Chamber. He also criticised the British newspaper, which, for many years, "has been painting a less than glorious picture of Luxembourg".

According to the Financial Times, the four bankers allegedly purchased cheap Gazprom bonds on the European market using loans from their own bank after the value of those bonds dropped following the introduction of sanctions in early 2022. The report alleges they strategically bought bonds which could later be exchanged in Russia at face value, making these purchases just before the bond swap was announced. The CSSF reportedly launched an inspection in 2023 following a tip-off but failed to interview several individuals with direct knowledge of the case. When asked about the veracity of these details, Marx said he could not comment on what was true or false, as this would require disclosing what the CSSF had investigated. He did state, however, that the article was examined thoroughly and that not all the reported facts were accurate.

Also today

• Alain Becker has been relieved of his duties as head of the Civil Security Directorate with immediate effect
• Police in Luxembourg City apprehended an intoxicated driver on Monday morning after he attempted to evade a traffic stop in a stolen vehicle
• The Observatory for Gender Equality's fourth report, which draws on surveys and statistical data, provides a fresh overview of the current state of gender equality in Luxembourg
• The European Union is shifting its focus to extreme weather prevention after a devastating summer of droughts and wildfires
• Brazil's Supreme Court today began examining one of its top justice's ties to a jailed banker.
• United States has confirmed for the first time that it has arms deployed in orbit above the Earth.

On air

There were more struggles for John as Tom had a new round of the Sproochentest. The Algorhythm tonight was The Lambrini girls. Footy Chat and 'Opposites Attract' with Steps!

Figure of the day

More than 64,000 primary pupils return to school in Luxembourg

• For more than 64,000 primary school children in Luxembourg, the summer holidays end on Tuesday, 15 September, as the new academic year begins. This figure is up about 1,000 pupils from last year. The vast majority, nearly 58,700, are enrolled in the public primary school system, with just over 5,000 attending private schools.
• Some 6,600 teachers will return to the classroom this week, with women representing 80% of the teaching staff.

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