UK-registred Kroll Company completes preliminary investigations in Moldovan Savings Bank case

Chisinau, 22 April /MOLDPRES/ - Following a contest held in January 2015, the National Bank of Moldova (BNM) selected Kroll Associates UK Limited (Kroll) company, registered in the United Kingdom, to carry out preliminary investigations on the alleged financial irregularities at Banca de Economii (Savings Bank) joint stock company, Banca Sociala (Social Bank) joint stock company and Unibank joint stock company, the BNM press service has reported.

With reference to the investigations carried out by the Kroll Company, the National Bank of Moldova states:

During investigations, the Kroll company experts used the information and analyses provided by the National Bank of Moldova and special managers of the three banks. Kroll assessed BNM’s conclusions and the identified irregularities. Kroll also analysed data sources provided by BNM for: (1) to test the evidence on which certain findings were made and (2) to determine the nature of additional needed investigations.

Kroll Company’s preliminary investigation results show that, in the years 2012-2014, there was a coordinated and hidden effort for taking over the control of the three banks, and later, in order to mask the true nature of the transactions, the volume of loans was maximised. As a result, there was a sudden worsening of the financial situation of these three banks, with dubious claims and debts worth 13.3 billion lei registered. 

As for BNM’s efforts for the coming period:

The National Bank of Moldova will remit the report compiled by Kroll to investigation bodies and other relevant institutions from Moldova, to facilitate ongoing investigations.

Following this investigation, as recommended by Kroll, BNM will hold a new contest for the selection of a reputable international company, thus ensuring performance of the second phase of the investigation. The main goal of these efforts will be collecting the needed evidence to start asset recovery.

At the same time, these investigation actions, although very complex and lengthy, will be very useful for identifying the final recipients of the funds diverted, concomitantly with ensuring asset recovery.

(Editor A. Raileanu)