The National Bank of Moldova (NBM) established that a group of persons acted concertedly in relation to BC Moldinconbank SA by purchasing a substantial shareholding in the bank, of 63.89%, without the preliminary written consent of the central bank, violating thus the Law on Financial Institutions. Therefore, it suspended the exercise of some of the rights of these shareholders on October 20, IPN reports.
Taking into account the suspension of the right to vote of the shareholders who own together over 50% of the bank’s shares, the NBM instituted an early intervention regime, in accordance with the Law on Bank Remedying and Resolution, in order to ensure the healthy and prudent management of the bank in the period during which the identified irregularities will be dealt with.
The NBM named a temporary administrator at the bank and is to appoint local and foreign experts, who were already identified, as temporary members of the bank’s executive bodies so that these ensure the diligent and efficient management of the bank in the period.
Moldindconbank will continue to work in normal regime and to provide all the services. The central bank’s decision refers exclusively to the relations within the shareholder structure of the bank.
Under the Law on Financial Institutions, without the preliminary written consent of the National Bank, no potential purchaser can gain a substantial holding in the share capital of a bank or increase substantially the holding to 5%, 10%, 20%, 33% or 50% and over.
