The Audit Office of the Republic of Moldova will be able to carry out external audits at the state-run companies in which the state owns at least 1/3 of the authorized share capital. A bill to this effect was passed by Parliament in the final reading on March 17, IPN reports.

According to the authors - a group of unaffiliated MPs – now the Audit Office can audit only joint stock companies in which the state owns 50% of the share capital. Initially, the authors proposed the figure to be decreased to 20%. However, as a result of debates in Parliament, the figure was set at 1/3.

The authors of the initiative argued that so far the Audit Office could not carry out external audits at companies in which the state owns less than 50% of the share capital, such as “Moldova-Gaz” and the liquidated Banca de Economii (“Savings Bank”).

According to reports, in 2014 alone the state lost over 900 million lei as a result of the inefficient management of companies in which it owns 20% to 50% of the share capital.