After almost three years of the crisis, the authorities have recovered 936 million lei by selling assets of the three banks, while Kroll, which was contracted to carry out an investigation and offer the authorities support in recovering money, identified thefts of about US$ 600 million. Currently, the only solution that can really diminish the pressure exerted on people is to trace the stolen money and recover it within possibilities, expert of the independent think tank “Expert-Grup” Eugen Giletski says in a study to which IPN makes reference.
According to the expert, in 2014 the Moldovan banking system was rocked by an internal crisis of the biggest proportions in the country’s history. The banking fraud that resulted in thefts equal in value to 12% of the GDP was a consequence of the shortcomings in the corporate governance of some of the banks, the non-functionality and lack of coordination between state institutions and the bad intentions of decision makers of state institutions and banks.
The study says that given the complexity of the schemes used to embezzle money, the full recovery of money in most of the cases is practically impossible. Foreign experts consider the recovery of 50% of the money lost by banks can be considered a big success. Given the international dimension of the investigation, an active and justified investigation at the local level is a precondition for making a transfrontier request by diplomatic ways, on which the authorities’ success in recovering the money will directly depend.
Eugen Giletski mentions among the actions that need to be taken to advance the investigation into the bank frauds the urgent opening of investigations covering all the final beneficiaries of fictitious loans provided by the three banks and creation of an independent monitoring committee on a neutral platform, which would consist of representatives of regulatory authorities, prosecution bodies and community of experts. This committee would constantly inform the public about the progress made in recovering the assets.
The expert considers it is also necessary to modify the law that provides for the conversion of the guarantee into public debts and include provisions stipulating that the assets recovered as a result of the international investigation will be used exclusively for redeeming the bonds deriving from the state guarantees before time. The way in which the money provided by the central bank to the three banks was used and the role of the other banks involved should also be determined. The intensification of cooperation between different entities of the state is crucial for successfully carrying out the recommended actions. This will also show the authorities’ firm commitment to reduce the fiscal burden put on the people, ensuring efficient communication for the recovery of assets.
