JP Morgan Emerging Europe, Middle East & Africa Securities (JEMA) has been named in another court case in Russia over the sale of Eurobonds between the trust and Moscow-headquartered investment banking and asset management firm, Sberbank KIB.
JEMA's manager informed the trust's board of the legal proceedings today (20 February), which relate to the purchase of Eurobonds from JPMS (one of the JPM entities) for a fee of $830,183, according to a stock exchange notice. It explained that the Russian bank allegedly made a payment in February of 2022 but did not receive the Eurobonds due to sanctions imposed following Russia's invasion of Ukraine. Assets frozen in former JPM Russia trust over alleged debts to VTB JEMA said: "We are not aware of any nexus between JEMA and amounts or Eurobonds allegedly owing to Sberbank KIB. ...
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