{"id":442582,"date":"2016-09-27T18:02:06","date_gmt":"2016-09-27T18:02:06","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=442582"},"modified":"2016-09-27T18:03:15","modified_gmt":"2016-09-27T18:03:15","slug":"national-bank-moldova-kroll-identified-600-millions-fraudulent-loans","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/national-bank-moldova-kroll-identified-600-millions-fraudulent-loans\/","title":{"rendered":"National Bank of Moldova: Kroll identified more than $600 million from the fraudulent loans"},"content":{"rendered":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

On September 27th, the National Bank of Moldova (BNM) announced<\/a> about receiving the second formal briefing from Kroll on the continuing investigation of the large frauds in the Moldovan banking sector. Kroll investigation company together with the juridical company Steptoe&Johnson are identifying the circumstances and those responsible of the unlawfully given loans in 2012-2014, that resulted in the failure of the three Moldovan banks, Banca de Economii, Banca Social\u0103, Unibank, and the disappearance of up to 1 billion US dollars. <\/p>\n

Kroll reports that more than 3 billion USD in loans was paid out by the three Moldovan banks between 2012 and 2014, the funds being largely channeled through an international laundering scheme, with a part being returned back to pay back the previous loans. Out of this, 600 million US dollars have been “dissipated to numerous overseas jurisdictions”.
\n“Kroll\u2019s findings demonstrate that the range of beneficiaries of the fraud extends beyond companies and individuals connected to the Shor Group”<\/em>, reads the note. <\/p>\n

Kroll and Steptoe&Johnson are reportedly working with regulators and authorities from multiple jurisdictions, being mentioned Latvia and Estonia, to “obtain further disclosure to identify the ultimate beneficiaries”, so that the prosecution and recovery would be done by the authorities of Moldova.<\/p>\n

The first Kroll informative note issued<\/a> in March was at the stage of discovering the traces of 350 million USD lost in loans.<\/p>\n

Recently, the Government of Moldova decided<\/a> to pay 13,5 million lei, the equivalent of loans taken by the failed banks from BNM in 2014, to the National Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>On September 27th, the National Bank of Moldova (BNM) announced about receiving the second formal briefing from Kroll on the continuing investigation of the large frauds in the Moldovan banking sector. Kroll investigation company together with the juridical company Steptoe&Johnson are identifying the circumstances and those responsible of the unlawfully given loans in 2012-2014, that […]<\/p>\n","protected":false},"author":6,"featured_media":441786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6],"tags":[],"class_list":["post-442582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-important-en"],"content_social_share":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

On September 27th, the National Bank of Moldova (BNM) announced<\/a> about receiving the second formal briefing from Kroll on the continuing investigation of the large frauds in the Moldovan banking sector. Kroll investigation company together with the juridical company Steptoe&Johnson are identifying the circumstances and those responsible of the unlawfully given loans in 2012-2014, that resulted in the failure of the three Moldovan banks, Banca de Economii, Banca Social\u0103, Unibank, and the disappearance of up to 1 billion US dollars. <\/p>\n

Kroll reports that more than 3 billion USD in loans was paid out by the three Moldovan banks between 2012 and 2014, the funds being largely channeled through an international laundering scheme, with a part being returned back to pay back the previous loans. Out of this, 600 million US dollars have been “dissipated to numerous overseas jurisdictions”.
\n“Kroll\u2019s findings demonstrate that the range of beneficiaries of the fraud extends beyond companies and individuals connected to the Shor Group”<\/em>, reads the note. <\/p>\n

Kroll and Steptoe&Johnson are reportedly working with regulators and authorities from multiple jurisdictions, being mentioned Latvia and Estonia, to “obtain further disclosure to identify the ultimate beneficiaries”, so that the prosecution and recovery would be done by the authorities of Moldova.<\/p>\n

The first Kroll informative note issued<\/a> in March was at the stage of discovering the traces of 350 million USD lost in loans.<\/p>\n

Recently, the Government of Moldova decided<\/a> to pay 13,5 million lei, the equivalent of loans taken by the failed banks from BNM in 2014, to the National Bank.<\/p>\n

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