The executive committee of the National Bank of Moldova decided to impose penalties in the form of the highest fine of 100,252 lei, which represents ten average salaries in the financial sector, on two ex-members of the Board and executive body of Banca de Economii and Unibank, IPN reports.
In a press release, the central bank says the penalty was imposed for violating the Law on Financial Institutions and the regulations of the National Bank of Moldova. The violations include the bank’s involvement in excessively risky operations, non-observance of limits and requirements concerning the concentration of risks related to the bank’s assets, participation in manipulating activities by not indicating particular operations in the financial accounts and presentation of erroneous prudential reports to the central bank.
The imposition of fines does not exclude the application of other penalties stipulated by law, including penal ones, if relevant illegalities are identified.
The names of the penalized persons are not specified, but the Board of Banca de Economii since May 2013 until the end of 2014 was managed by the current mayor of Orhei Ilan Shor, while current Minister of Economy Octavian Calmac was among the Board members.
