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Banking Crisis in Moldova: State Intervention and Suspected Fraudulent Activities

State Intervention

The Moldovan government introduced several measures to address the banking crisis, including legislative amendments that allowed for state aid to commercial banks. Here are some key points related to state intervention:

• September 2014: The government passed legislative amendments enabling the provision of state aid to commercial banks in situations of systemic financial crisis.
• November 7, 2014: A secret government meeting decided to allocate financial assistance worth 9.5 billion lei to some “needy” banks as a loan from the NBM’s reserves.
• March 2015: The state issued a guarantee of 5.34 billion lei for three problem banks.
• October 2016: A law was passed transferring a loan of 13.6 billion lei from the NBM to public debt.

Suspected Fraudulent Activities

A report by Kroll revealed a large-scale fraudulent scheme involving the Shor Group and several Moldovan-based individuals. Here are some key points related to suspected fraudulent activities:

• Involvement of Bank Employees: Employees and managers of the bank, as well as board members, were identified as responsible for executing the schemes.
• Awareness of Authorities: Evidence suggests that the authorities may have been aware of the ongoing fraud in some Moldovan banks.