{"id":441959,"date":"2016-03-25T23:18:28","date_gmt":"2016-03-25T23:18:28","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=441959"},"modified":"2016-03-25T23:18:28","modified_gmt":"2016-03-25T23:18:28","slug":"second-kroll-report-fraudulent-transactions-350-million-us-dollars-identified","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/second-kroll-report-fraudulent-transactions-350-million-us-dollars-identified\/","title":{"rendered":"Progressing Kroll report: Fraudulent transactions of 350 million US dollars were identified"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The National Bank of Moldova<\/a> received the first report on the progress of the investigation conducted by Kroll consultancy company on the huge frauds that led to the collapse of Banca de Economii, Banca Social\u0103 and Unibank. Kroll stated that it was proven that the fraudulent transactions were coordinated and that a plan for recovering the money will be soon implemented.<\/p>\n

The report reflects the first part of the two-years investigation of the transactions between 2012 and 2014. Still, Kroll concentrated on May-November 2014, because the amount of loans given in that period increased by 2 times up to 13 billion lei on 24 of November 2014. The investigation confirmed the initial reports and found clear evidence of Ilan Shor’s involvement, including the associated companies and persons to him (Shor Group). <\/p>\n

Accordingly, the Shor Group had tangences with the process of acquiring the shares in the three Moldovan banks, controlled the most important decisions, including giving the fraudulent loans, created a laundromat network for taking and washing the money and took a significant part of the sum. <\/p>\n

So far, Kroll identified transactions of more than 350 million US dollars directly attributed to the frauds. The laundry of the money was done through a extended network of companies and accounts in multiple banks from Republic of Moldova, Latvia, Estonia, Russia and Cyprus. <\/p>\n

The report stresses that, besides Ilan Shor, other persons obviously profited from frauds from the three Moldovan banks. <\/p>\n

National Bank of Moldova is now cooperating with the consultancy company, Kroll, and the juridical company Steptoe and Johnson to implement an efficient plan of investigation and recovery of the funds for the good of Moldova. <\/p>\n

So far, the Prosecutor Office of Moldova found guilty of neglecting the frauds four officials: two employees of the National Commission of the Financial Market and two members of the Administration Council of Banca de Economii. <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The National Bank of Moldova received the first report on the progress of the investigation conducted by Kroll consultancy company on the huge frauds that led to the collapse of Banca de Economii, Banca Social\u0103 and Unibank. Kroll stated that it was proven that the fraudulent transactions were coordinated and that a plan for recovering […]<\/p>\n","protected":false},"author":6,"featured_media":441960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-441959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The National Bank of Moldova<\/a> received the first report on the progress of the investigation conducted by Kroll consultancy company on the huge frauds that led to the collapse of Banca de Economii, Banca Social\u0103 and Unibank. Kroll stated that it was proven that the fraudulent transactions were coordinated and that a plan for recovering the money will be soon implemented.<\/p>\n

The report reflects the first part of the two-years investigation of the transactions between 2012 and 2014. Still, Kroll concentrated on May-November 2014, because the amount of loans given in that period increased by 2 times up to 13 billion lei on 24 of November 2014. The investigation confirmed the initial reports and found clear evidence of Ilan Shor’s involvement, including the associated companies and persons to him (Shor Group). <\/p>\n

Accordingly, the Shor Group had tangences with the process of acquiring the shares in the three Moldovan banks, controlled the most important decisions, including giving the fraudulent loans, created a laundromat network for taking and washing the money and took a significant part of the sum. <\/p>\n

So far, Kroll identified transactions of more than 350 million US dollars directly attributed to the frauds. The laundry of the money was done through a extended network of companies and accounts in multiple banks from Republic of Moldova, Latvia, Estonia, Russia and Cyprus. <\/p>\n

The report stresses that, besides Ilan Shor, other persons obviously profited from frauds from the three Moldovan banks. <\/p>\n

National Bank of Moldova is now cooperating with the consultancy company, Kroll, and the juridical company Steptoe and Johnson to implement an efficient plan of investigation and recovery of the funds for the good of Moldova. <\/p>\n

So far, the Prosecutor Office of Moldova found guilty of neglecting the frauds four officials: two employees of the National Commission of the Financial Market and two members of the Administration Council of Banca de Economii. <\/p>\n

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