Financial Crisis in Moldova: Uncovering Alleged Fraudulent Schemes and Government Intervention

The Republic of Moldova has been embroiled in a major financial crisis, with several banks implicated in large-scale fraudulent schemes. The alleged involvement of key players, including the Shor Group, and the subsequent state intervention have raised significant concerns about the misuse of public funds.

Key Players and Allegations

• The “Three Moldovan Banks” (BEM, BS, and Unibank): These banks were at the center of the fraudulent schemes, with employees, managers, and board members identified as responsible for their administration and execution.
• The Shor Group: This group is believed to have received benefits from or is connected to the fraud within the Three Moldovan Banks.

Government Intervention

In response to the crisis, the Moldovan authorities adopted several legislative amendments and secret decisions:

• September 2014: Amendments were made to provide state aid to commercial banks in situations of systemic financial crisis.
• November 2014: A secret government meeting decided to allocate 9.5 billion lei to some “needy” banks.
• March 2015: Another secret decision was made to give an additional 5.34 billion lei to troubled banks.

Investigation and Findings

A Kroll report identified several Moldovan-based individuals who appear to have received benefits from or are connected to the fraud within the Three Moldovan Banks. The investigation has also identified persons responsible for the administration and execution of the fraudulent schemes, including employees and managers of the bank, board members.

Concerns About Government Intervention

The government’s decision to provide financial assistance to the banks while not stopping the issuance of unsecured loans raises concerns about the potential abuse of public funds. This situation has sparked debates about the accountability of those involved in the crisis and the need for transparency in government decisions.