The National Bank of Moldova (BNM) challenged the Buiucani Court’s decision of June 12 according to which the central bank does not have the right to suspend the right to vote and the right to call the general assembly of the shareholders of Moldova-Agroindbank, governor Dorin Dragutanu announced in a news conference on June 27, IPN reports.

The BNM said the available information reveals that five companies gained and possess together a substantial share of 17.2% in the registered capital of MAIB. This enables them to exert considerable influence on the administration of the bank and its business.

“After the cassation of the decision of the Buiucani Court, these companies will have 60 days to seek permission from the BNM to hold a substantial quota in the capital of MAIB. Otherwise, if the shareholders do not ask for permission or the BNM refuses to give permission as a result of assessments, the shareholders will have to sell the holdings within three months,” said Dorin Dragutanu, explaining the procedure.

The governor also said that in June, two companies sold the owned shares partially or fully. The aggregate holding was 9.03%. In the case of another shareholder owning 3.7% of the shares, sufficient evidence could not be collected to prove that this shareholder acted concertedly with other shareholders.

Dorin Dragutanu assured that the MAIB works in normal conditions. The extraordinary general assembly of the bank’s shareholders will take place on June 28.