Moldovan authorities' negotiations with Kroll company on recovering embezzled money to continue

Chisinau, 7 September /MOLDPRES/ - The National Financial Stability Committee (CNSF) postponed the approval of a decision on the selection of the consortium that will continue the investigations in the case of the three banks under special administration: the Savings Bank (Banca de Economii), Social Bank (Banca Sociala) and Unibank. The committee’s meeting showed caution with regard to the Kroll company's offer, seeking "an excessive amount of money" to recover the money.

"We will arrive at a decision in the coming days after the company gives us the answers to some questions. I hope we will get the answer to the latest questions as soon as possible, to see if the Moldovan state can or cannot sign a contract with a single bidder, on 10 September", Prime Minister Valeriu Strelet said after meeting the National Committee for Financial Stability today. According to the premier, the company is asking for "an exaggerate amount of money for the phase of recovery".

The consortium made up of the Kroll and Steptoe & Johnson LLP companies is the only one - out of the four internationally renowned firms invited to the contest - to express willingness to conduct an investigation at the three banks.

The National Financial Stability Committee’s decision serves as a recommendation to the National Bank of Moldova (BNM). According to the National Bank, “the ultimate goal of this investigation is to provide BNM a chronologically clear picture on the people who controlled the suspicious transactions, who held control of the banks, who benefited from the investigated transactions, to identify irregularities and significant losses at these banks, as well as to develop and implement a strategy to recover assets.”

Subsequently, the consortium will initiate civil, criminal, intergovernmental, insolvency measures, in coordination with BNM, in Moldova and abroad to track, retain and recover assets.

(Reporter V. Bercu, Editor L. Alcaza)