The Executive Board of the National Bank of Moldova decided to impose a penalty on “Balcolcom”, which owns 4.92% of the share capital of the commercial bank Energbank, for not respecting the requirements concerning capital adequacy and financial solidity laid out by the Law on Bank Activity, IPN reports.

In a press release, the National Bank said “Balcolcom” was informed about the penalties stipulated by the Law on Bank Activity, which include the suspension of the exercise of the rights to vote, to convoke and to hold the general assembly shareholders, to introduce items in the agenda and to propose candidates for members of the executive body.

The Bank noted it requested the mentioned shareholder to comply with the Law on Bank Activity that obliges it to sell, within three months from March 21, 2018, the shares owned in Energbank without meeting the requirements on the quality of bank shareholders. When this period expires, if the shares are not sold, the provisions of the Law on Bank Activity will start to be applied.

According to the Bank, the Executive Board’s decision didn’t affect the operational activity of Energbank, which continues to provide all the proposed services, including operations related to deposits, loans and withdrawals.