In the largest European military IPO in history, Czechoslovak Group (CSG.AS) pitched investors a chance to buy the next Rheinmetall, riding the continent’s recent rearmament boom. Hunterbrook Media’s investigation — drawing from statutory filings, subsidiary accounts, satellite imagery, and a range of other sources — suggests investors bought something very different: an arms-dealer marking up old ammunition, with a critical subsidiary under NATO suspension, production numbers that don’t add up, and a major minority owner with “extraordinary rights” holding a sword of Damocles over the company’s balance sheet.

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