National Bank of Moldova applies sanctions to former managers of commercial bank

17:45 | 28.04.2017 Category: Official

Chisinau, 28 April /MOLDPRES/ – The Executive Board of the National Bank of Moldova (BNM) decided at its meeting on 13 April 2017, to impose the penalty of fines (between 8–10 average salaries on financial activities) to 11 ex-administrators of commercial bank "Moldindconbank" S.A. The total amount of the fines amounts up to 1,719,785.00 lei, the BNM’s press service has reported.

A press release of BNM states that the sanctions were imposed on the former administrators for the violation of the provisions of the Law on Financial Institutions and the norms of BNM. "The breaches mainly refer to the failure of the bank to comply with the prudential requirements for risk concentration, valuation and asset classification, lending to groups of connected persons", informed the BNM’s press release.

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