I saw this thread in the UK Volvo forums.
The Volvo uses a Mitsu TD04-15T turbo, which is virtually identical to the one used on the 4m40 (2,8 TD) engine.
This write-up is fully detailed and shows that there are no demons hiding inside a turbo!
It is very simple to re-furbish!
Note: The 4m40 uses the Mitsu TD04-12T variant of the turbo.
This site lists the re-build kits, as a reference to get the same locally.