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30 NGOs of Moldova condemn the capital liberalization law for “upsetting anti-corruption efforts and discouraging honest taxpayers”



30 civil organizations launched a call to the Parliament, Government, society and development partners of Moldova, criticizing the legislative initiatives 451 and 452, the so-called “capital liberalization” and “fiscal stimulation” laws.

The NGOs condemn the insufficient discussion on the possible impact of these laws, being highly concerned about the total amnesty of persons, especially public officials, who got in their possession goods and properties in illegal ways. The civil society representatives argue that, since the priority of Filip Government seems to be anti-corruption fight, the initiatives 451 and 452 would reduce to zero the efficiency of integrity package recently approved by the Parliament and the respective integrity checks, but would also allow corrupt officials to keep their positions, while the honest taxpayers and other officials would be discouraged.

The authors of the appeal draw the attention that the fiscal and capital amnesty during 2007-2008 caused a 4 billion lei lack in the state budget, causing further schemes of theft and dilapidation between 2012 and 2016 like the concession of Chișinău airport and the banking laundromat.

The new laws authored by five deputies of the Parliament of Moldova proposes to install a state of liberalization of capital and fiscal stimulation for persons to declare capital that they previously hid or attributed to other persons. Moreover, the enterprises would be exempted from paying penalties, fees and unpaid taxes. Everything in exchange for a 2% tax.

Currently studying International Relations at the University of Pécs, Hungary. Study focus: Transnistrian conflict settlement, Moldovan statehood, Moldovan democracy.

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The economy of the Republic of Moldova increased by 4.5% in 2017



The economy of Moldova registered an increase of 4.5% in 2017 compared to 2016, the GDP exceeding 150 billion lei, according to the National Bureau of Statistics.

The growth of GDP contributed to various economic activities, with the largest share being recorded by wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles, transport and storage, accommodation and catering – with a contribution of 1.3 points percentage of GDP growth.

For the years 2018-2020, the Ministry of Economy and Infrastructure forecasts an increase in the economy by 3-4%.

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Over 20 million US dollars from Moldova’s electricity bills ended up in offshore firms’ accounts// RISE

Over 20 million dollars from electricity invoices paid by Moldovan consumers have reached the accounts of offshore companies. The money was removed from the Victoriabank accounts of a company in Tiraspol that has been interfering with the supply of energy for several years in Moldova.



RISE outlined the scheme by which the buffer company in the separatist region became the main electricity supplier overnight, earned millions of profits and hid them in tax havens.

Only around 20% of the country’s total electricity demand is produced on the territory of the Republic of Moldova on the right bank of the River Nistru. In recent years, the battle for Moldova’s electricity supply contract has usually been made between two regional players: a representative of the Ukrainian group DTEK, which is part of the business empire of Ukrainian billionaire Rinat Akhmetov, and the Cuciurgan plant, which is owned by the giant Inter RAO UES, controlled by the Russian state.

Source: MediaCenter (The Cuciurgan plant)

How EnergoKapital appeared in the scheme:

After the spring of 2014, when the Ministry of Economy announced that between April 1, 2014, and April 1, 2015, the Republic of Moldova bought electricity from DTEK Vostokenergo and from the Cuciurgan plant, due to the crisis in the Eastern Ukraine that degraded into an armed conflict, in autumn of 2014, DTEK has completely ceased delivery of energy to the Republic of Moldova. Consequently, DTEK’s contractual obligations were taken over by the Cuciurgan Power Plant.

At this point in the scheme, an intermediary appeared – the company EnergoKapital in Tiraspol, which was founded in October 2014, a few weeks before the DTEK ceased its deliveries. Founders of the company that emerged overnight were Bas-Market SA in Tiraspol, with offshore shareholders, and Ornamental Art Limited in Hong Kong.

In the following years, the EnergoKapital’s license was prolonged four times, with the left bank becoming the main electricity supplier in the Republic of Moldova. Thus, from the end of 2014 until the end of March 2017, EnergoKapital delivered energy worth about 400 million dollars to the consumers on the right bank of Nistru.

The offshore compromise

Victor Parlicov, the former director of the National Energy Reglementation Agency, claims that such schemes have happened in the past, but the emergence of EnergoKapital as an intermediary is also due to some misunderstandings between business partners in Chisinau, Tiraspol, and Moscow.

Former director of EnergoKapital in 2014-2016, Mihail Dobrov, now head of Dnestrenergo, an enterprise that manages Transnistrian energy transport networks, refused to speak on this subject.

Criminal law in Chișinău

The criminal scheme by which Moldova was supplied with electricity also came into view of the law enforcement bodies, the General Prosecutor’s Office, stating beforehand that the EnergoKapital intermediary figured in a criminal case. Vladimir Mosneaga, prosecutor at the Office for Combating Organized Crime and Special Causes, refused to rule on the file, suggesting that RISE should wait for the official response.

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2017: EU almost equals CIS at individual money transfers to Moldova



Structure of net transfers of funds from abroad to individuals by geographic areas, 2017 %, Source:

The National Bank of Moldova (NBM) published the report on the individual money transfers from abroad to Moldova in 2017. NBM reports that around 1199 million USD were sent to individuals in Moldova.

Some 85,2% of the money was transferred via money remittance systems (USD, EUR or RUB). The currency structure of money transfers (recalculated in USD) was as follows: USD – 570,54 million, EUR – 522,37 million, RUB – 94,40 million and other currencies – 12,66 million.

The National Bank noticed a continuation of the downward trend of transfers from the CIS countries, while the EU transfers increased by 20,3% compared to 2016.

Dynamics of transfers from CIS and EU in to of individuals (2012 – 2017 annual dynamics; 2017 monthly dynamics), %

Money transfers from other states (except for the CIS and the EU) totaled 30,7 percent in 2017:

Structure of net transfers of funds from abroad to individuals by geographic areas, 2017 %,

96,2% of the CIS transfers originated in Russia.

Within the money transfers from the EU countries, Italy accounts for the largest share of 34,9 percent, being followed by the United Kingdom (14,0 percent), Germany (13,9 percent), France (8,1 percent), Spain (3,3 percent), Ireland (3,0 percent), Poland (2,8 percent), Czech Republic (2,6 percent), Portugal (2,5 percent), Romania (2,4 percent), Belgium (2,1 percent), Cyprus (1,8 percent) and Greece (1,3 percent).

Moldovan remittances still heavily rely on the Russian market: 402,63 million USD (or 33,6% of money transfers) originated in Russia. Other leading remittance sources are: Israel – 17,1 percent (205,02 million), Italy – 12,0 percent (143,83 million), the USA – 7,9 percent  (95,13 million), United Kingdom – 4,8 percent (57,88 million), Germany – 4,8 percent (57,56 million), France – 2,8 percent (33,60 million), Turkey – 1,3 percent (15,30 million) , Spain – 1,1 percent (13,74 million), Ireland – 1,0 percent (12,31 million).

Dynamics of money transfers (top three states) to individuals (2012 – 2017 annual; 2017 monthly), %, Source:

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