A consortium of companies submitted a bid within the contest announced by the National Bank of Moldova (NBM) for investigating the irregularities and transactions that involved Banca Economii, Banca Sociala and Unibank. This consortium is formed of the companies Kroll and Steptoe & Johnson LLP. The deadline for applications was September 1, IPN reports.

In a communique, the central bank says it will examine the bid and will present the results of the assessment the next days, in the meeting of the National Committee for Financial Stability.

The final objective of this investigation is to provide the NBM with a clear chronological picture regarding the persons who managed the dubious transactions, who controlled the banks and who benefitted from the given transactions, to identify the irregularities and significant losses sustained by these banks and to work out and implement a strategy for recovering the assets.

Based on the data collected by the National Bank and of the results of the second phase of the investigation, the consortium of companies will have to initiate civil, penal, intergovernmental and insolvency (if necessary) measures, in coordination with the NBM, in Moldova and in foreign jurisdictions so as to trace and recover the assets.