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Assistant Nuland starts two-day visit in Moldova



U.S. Assistant Secretary Victoria Nuland starts a 2-day-long visit to Chisinau, Moldova on Saturday. The American official is expected to meet with Moldovan President Nicolae Timofti, Prime Minister Iurie Leanca and Foreign Minister Natalia Gherman.

Deputy Assistant Secretary of Defense for Russia/Ukraine/Eurasia Evelyn N. Farkas and Director, Strategy and Policy, U.S. European Command Maj. Gen. Randy A. Kee will join Ms. Nuland during her trip.

The officials are expected to discuss bilateral and some other foreign policy issues, such as the United States – Moldova Strategic Dialogue, energy and economic assistance.

A press conference is planned for Sunday, 2 PM (local time).

Victoria Nuland’s journey will continue to Sofia, Bulgaria on March 31 and will end in Brussels, Belgium on April 1, where she is expected to join Secretary of State John Kerry at the NATO Foreign Ministerial.

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Kroll 2 report: Summary and Reactions



On 21 December 2017, the National Bank of Moldova published the summary of the investigation report made by Kroll and Steptoe&Johnson. The report, otherwise called “2nd Kroll report”, completes the 1st Kroll report on the loan exposure of the Three Moldovan banks (BEM, BS, Unibank) that were defrauded in 2012-2014.

The 2nd Report comes with a more detailed scheme of how the leading “Shor group” defrauded Banca de Economii, Banca Socială, and Unibank by directly participating in the administrative councils of these banks and by falsifying reports on bank liquidities. Moreover, Kroll revealed several laundering mechanisms that were used to channel the funds from the three banks to the destination accounts. Even if it mentions the name of Ilan Shor as one of the facilitators and beneficiaries of the banking frauds, the summary does not provide any other names in order not to impede the ongoing investigation and prosecution in some cases.

What 2nd Kroll report says

  • Control over the Moldovan banks, and not only the Three failed ones, was constantly the aim of several interest groups. Several shareholders took advantage of the poor evaluation of banks’ shares and some could acquire small portions of shares through proxies. In the case of the Three Banks, the so-called “Shor group” could take control by buying shares on the behalf of off-shore companies, thus hiding the origin of the funds;
  • The administration councils at the Three Moldovan Banks were acting in coordination, involving conflicts of interests and integrity lack in the bank governance process. At Banca de Economii, where the Moldovan Government was the main shareholder, the Government delegates were periodically not invited to the meeting of the administration council;
  • What Kroll continues to say in its 2nd report is that Ilan Shor and around 77 companies in his entourage are known to be the beneficiaries of the fraudulent loans given between 2011 and 2012:


  • The liquidity level at the Three Banks was maintained at acceptable levels with the help of resources coming from pensions and social security funds operated by the respective banks, with the help of loans given by the National Bank guaranteed by the Moldovan Government, but also with the help of fake deposits in Russian banks;
  • The summary shows that most of the defrauded funds were channeled through Latvian banks (otherwise called “Core Laundering Mechanism”) for mostly British off-shore companies.

    Source: Kroll

    The Core Laundering Mechanism based in Latvia was either used for paying the loans back or to send the funds in different bank accounts in multiple jurisdictions such as Cyprus, China, Russia, Switzerland, USA or Hong Kong. Some banks in Moldova and Estonia were also used to launder money and disguise their origin.

    Source: Kroll;

  • Since some of the loans, worth approximately 2 billion USD, were channeled back to the origin banks to create a good credit score, the net loss of the Three Banks between 2012 and 26 November 2014 is estimated at 600 million USD;
    Source: Kroll
  • So far, the traces of only 50 million USD out of the total sum could be totally discovered;
  • Kroll and Steptoe&Johnson are planning to present a more detailed investigation in 2018 in Moldova;


  • According to Expert-Grup, the 2nd Kroll report did not fully explain the role of the state guarantees issued in November 2014, but also the actions conducted by the Moldovan Government regarding the reimbursement for the clients of the Three Moldovan Banks. Moreover, multiple NGOs called on the Moldovan Government to abandon the initiative to decriminalize several economic crimes, including banking frauds, an action would impede the prosecution of those involved in the “Moldovan Grand Theft” and encourage new frauds in the area;
  • Ilan Shor, the main figure in the “Grand Theft”, announced that his lawyers filed in court against Kroll for defamation, conspiracy to injure by unlawful means and wrongful interference with his economic interests. According to Shor, the reports issued by Kroll do not reveal the real beneficiaries of the frauds;
  • Pavel Filip, Prime-Minister of Moldova: “If we had to publish all the names that are found in this report, I assure that 90% of the names are absolutely honest people, but that were simply part of this circle. These names cannot be made public”, claimed Moldova’s PM, promising that all the responsible persons would be prosecuted;
  • Maia Sandu, PAS leader, ex-Minister of Education in 2014, did not seem surprised that Kroll pointed out to Shor’s primary role in the banking frauds, but rather asked his case is slowed down by the Prosecution’s Office. Her party organized a flashmob asking for the restart of Shor’s case. In addition, Sandu stated that current Parliament speaker, Andrian Candu, was the main promoter of the state guarantees for the loans of the National Bank to the failing banks;
  • Andrian Candu, speaker of the Parliament and Economy Minister in 2014, is waiting for the Kroll experts to come in January 2018 in Moldova to coordinate the investigation of the banking frauds;
  • Iurie Leancă, PM in 2014, now appointed Deputy PM, says that he is the most interested in the results of the Kroll investigation, but rejects claims his Government rushed into offering the huge guarantees for BNM loans.

The reaction of the Moldovan people to this 2nd Kroll report is that of confusion: nothing much new was revealed and the main figure of the “Grand Theft” is only under judiciary control in a delayed case.

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President Dodon refuses to approve 7 new Ministers, Democrats ask Constitutional Court for suspension, interim appointing



On December 28th, President Igor Dodon refused for the second time the approval of the seven new ministers appointed by the Democratic Party. His veto was motivated by the lack of integrity declarations of the newly appointed officials.

As a result, a group of MPs from the Parliament’s juridical commission submitted a complaint to the Constitutional Court of Moldova asking to examine the circumstances of imposing an interim President to appoint the respective Ministers. According to the Moldovan Constitution, a President can reject a law or a decree from the Government only once with a motivation.

“We requested the High Court to solve this institutional blockade generated by the deliberate refusal of the President to repeatedly appoint some members of the Government. We count on that the complaint will be examined urgently”, declared the Democrat MP Sergiu Sîrbu.

In October 2017, the Court ruled that Dodon could not exercise his rights after vetoing the appointing of the Defense Minister Eugen Sturza. Thus, the Parliament speaker Andrian Candu, as an interim President for some hours, could appoint Sturza.

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Igor Dodon had a meeting with Vladimir Putin in Moscow. Here is what they talked about



President Igor Dodon had yet another meeting with the Kremlin leader Vladimir Putin this year, at the informal summit of the CIS that took place in Moscow on December 27. According to the head of state, all aspects of bilateral relations were addressed at the meeting.

Thus, Igor Dodon reported on his Facebook page that during the meeting he noted that, “despite the anti-Russian rhetoric and the actions of the Moldovan Government and the parliamentary majority,” the bilateral relations show a positive evolution.

The president also wished Vladimir Putin to the presidential elections in March 2018, calling him “a remarkable leader in the history of the Russian Federation that turned his country into a world-wide power.”

“The year 2018 is of crucial importance to our countries. In the Russian Federation, elections will be held for the position of president of the country. I wished great luck to Mr. Putin in this coming election. I consider him a remarkable leader in the history of the Russian Federation that has turned his country into a state of great world power,” declared Dodon.

The so-called head of state also said that Moldova also follows a very important event – parliamentary elections, on which depends the way the country will develop.

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