European defense company Czechoslovak Group failed to tell investors before its January stock market debut that a Spanish ammunition subsidiary had been suspended by NATO’s procurement agency amid a widening corruption investigation, Follow the Money and its media partners reported.

The NATO Support and Procurement Agency barred Fábrica de Municiones de Granada, or FMG, from bidding on new contracts in July 2025, citing serious allegations that suppliers may have engaged in sanctionable practices, including irregularities in contract awards, FTM reported. The suspension, initially set for four months, has since been extended indefinitely, according to internal documents cited by the news outlets. 

FMG, based in southern Spain, held at least three NSPA tank artillery contracts when the ban took effect yet Czechoslovak Group did not mention the suspension in the 728-page prospectus published shortly before its Amsterdam listing, despite EU disclosure rules that can require companies to inform investors of matters with potential material or reputational significance according to the report. 

Czechoslovak Group spokesman Andrej Čírtek told Follow the Money the suspension was “unfounded” and said a forensic legal audit of FMG’s dealings with the NSPA found no irregularities or unlawful conduct. 

FMG was suspended alongside Israel’s Elbit Systems as Belgian prosecutors investigate suspected bribery involving current and former NSPA staff and defense contractors or intermediaries seeking NATO contracts, according to the report. 

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