A group of Banca de Economii (BEM) shareholders are accusing the State representatives in the bank of blockading its work. Denis Korotkevich, the representative of the UK-based Lectom Ltd that holds a stock of nearly 18% in the bank, told a news conference that the representative of the State, which holds the majority package of 56%, failed to show up at the bank's extraordinary general assembly, causing a lack of quorum. “We think the State representatives are blockading the bank’s work. The assembly was supposed to examine some important problems, including last year’s below-par financial results of the bank and the prolonged lack of a functional board. Two out of five members of the board weren’t approved by the National Bank of Moldova and one resigned his position. Only two members are left and they represent the State’s interest and are employees of the Ministry of Finances”, explained Denis Korotkevich. The Letcom Ltd representative added that shareholders were worried about the BEM depositors, including pensioners. If the bank lacks a functional board, no decisions can be taken to improve its activity. According to Denis Korotkevich, the position of Letcom Ltd is supported by other shareholders as well. Asked why he didn’t attend the BEM extraordinary general assembly of shareholders, State representative and Minister of Finances Veaceslav Negruta said that the stake of Letcom Ltd was under trial and suspended by the National Bank (BNM) on the day of the assembly. These shares were stripped of the right to vote. “Just half an hour before the assembly I learned of a ruling of the Chisinau Court of Appeal. In order to avoid the intrusion of some so-called shareholders in BEM and to maintain balance and calm, we decided to not participate in this meeting. We agreed on summoning the general meeting of shareholders in the next 20-60 days, as stipulated by the law, which will discuss all the problems presented by shareholders. Meanwhile, BNM should shed some light on the situation”, declared Veaceslav Negruta. According to the minister, the BEM board was coordinating bank’s activity just fine. Last year, the bank recorded a growth of financial indexes and obtained a profit of 26 million lei. However, some independent studies show that BEM deals with a rise in non-performing credits. A recent Court of Accounts report showed a series of infringements in the management of property loaned to and by BEM.