Mysterious Power Play: Unconnected Individuals and Entities Seize Control of Moldovan Banks
A stunning revelation has emerged about a complex web of transactions that enabled unconnected individuals and entities to gain control of three major banks in Moldova. According to an investigation by Kroll, the mystery surrounding the power play involves UK Limited Partnerships with Latvian bank accounts, shell companies, and politicians.
The Shor Group’s Rise to Power
At the center of the controversy is Ilan Shor, a businessman linked to the head of BEM’s administrative council. Shor is accused of using his connections to manipulate the banks, funneling massive loans through complex transactions to benefit entities associated with him.
Fake Shareholders and Secret Beneficiaries
The investigation revealed that several individuals, including:
- Five Ukrainian citizens
- Two Russian citizens were used as nominees to hide the true beneficiaries of the bank shares. The documents of these individuals were fraudulently manipulated, allowing Shor’s group to gain control of more than 50% of Banca Sociala shares.
Politicians Entangled
Former Moldovan President Petru Lucinschi has come forward, revealing that Ilan Shor approached him with an offer to buy shares in Unibank. Lucinschi claims Shor even helped him secure a $1 million loan to purchase the shares.
The Kroll Report: A Trail of Money and Deception
A detailed report by Kroll investigators highlights the coordinated actions of:
- Banca de Economii (BEM)
- Banca Sociala (BS)
- Unibank (UB)
to facilitate massive lending to Moldovan entities. The report suggests that Shor’s group played a significant role in coordinating fraudulent activities, with the potential benefit going to Shor or unknown beneficiaries.
The Billion-Dollar Theft
The investigation has uncovered a staggering $2.9 billion in loans issued by the three banks between 2012 and 2014, primarily benefiting companies linked to Shor’s group. The loan funds were allegedly laundered through Latvia before being returned to Moldova to pay off earlier loans or subjected to further money laundering mechanisms.
The Mystery Deepens
As the investigation continues, questions remain about whether Ilan Shor was the sole beneficiary of the fraudulent schemes or if he acted in concert with other unknown entities. The true extent of the financial damage and the identities of those responsible remain unclear, fueling speculation and concern about the integrity of Moldova’s financial system.
This extraordinary story raises serious concerns about:
- Money laundering
- Corruption
- The abuse of power
As authorities continue to unravel the complex web of transactions, it is imperative that they hold accountable those responsible for this massive fraud.