The Buiucani District Court suspended the administration board of Victoriabank after a minority shareholder challenged the decisions of the bank’s General Assembly of Shareholders. In a news conference at IPN, members of the board said that by such a decision, the court covers the problems caused by the bank’s executive.

The president of the administration board Victor Turcan said the challenge to the Buiucani District Court was submitted by a shareholder who owns only eight shares of the bank’s 25 million shares. “The given inconsistency endangers the bank. The institution returned to the uncertain situation that existed before February 2014, when the administration board was appointed. It is paradoxical when an employee of the bank, either the president or a shareholder with eight shares, disputes the work of the executive bodies, the decisions of the General Assembly and the board named by it,” he stated.

He noted that the suspension of the decisions of the General Assembly led to chaos. “We don’t know how the bank will work further. The administration board and the shareholders respect everyone’s interests, but it’s not right for a minority shareholder to annul decisions taken by the other 108 shareholders. The Buiucani District Court didn’t perceive the essence of the problem. Therefore I call this decision at least dubious and contrary to the interests of the bank and its clients,” stated Victor Turcan.

The foreign shareholders of Victoriabank also expressed dissatisfaction with such a decision. “We have shareholders in European states such as the EBRD and Alfa Banc of Romania, which hold over 20% of the shares of Victoriabank. The first thing they asked was how such a thing can happen in a state that wants to become part of the EU. I think it wouldn’t have been possible if senior state and court officials hadn’t been involved. This situation is not convenient for those who want to have access to the bank’s resources. Judging by the judges’ logic, the commissions of shareholders do not have the right to check how the bank is managed. We consider that such a situation is due to Natalia Politov Cangas (the bank’s president, e.n.) and her partners. She often said that she can solve any problem through court or other bodies. This makes us think that she is supported,” said Victor Turcan.

The members of the administration board said they will protect the assets of the bank and clients’ interests and, if Natalia Politov Cangas does not vacate her seat on September 23, when her work contract expires, they will convene another Extraordinary General Assembly of Shareholders to consider the issue of her dismissal.