The nonbank lending organizations are flawed and are based on corruption, while the nonbank lending system is a threat to the financial system of the Republic of Moldova, said representatives of the Civic Movement “Professionalism and Responsibility for People” and of the European Social-Politic Center. In a news conference at IPN, the nonbank institutions were accused of committing abuses and tendentiously speculating on the legal framework to the detriment of the population.
According to the head of PRO Movement Gheorghe Costandachi, in Moldova there are now about 170 nonbank lending organizations that in time served over 1.7 million clients. Currently, 468,000 clients are repaying nonbank loans. Of the consumers of nonbank loans raised in 2001-2020, about 500,000 were done harm by different ways. According to Gheorghe Costandachi, the persons who take out nonbank loans are actually robbed.
Gheorghe Costandachi noted the people are lured into traps by hidden schemes, being forced to repay sums that are much larger than the raised loans. According to the calculations done by the two organizations, the damage done in 2001-2020 to persons who took out loans from nonbank lending companies comes to 12-15 billion lei.
According to the deputy head of the PRO Movement Igor Borfotină, urgent changes should be made to the legal framework so as to bring the illegalities in the nonbank lending system to an end. A package of laws is needed to do a profound reform in this system. During the last few years, thousands of people had to go abroad to work so as to pay the debts fabricated by nonbank lending organizations and claimed by illegal ways by the other representatives of the vicious circle.
The PRO Movement calls on the citizens to seek help and to mobilize around the PRO Movement so as to deliver a legal riposte to the nonbank lending companies. The Movement’s representatives said they will soon propose a national plan by which to bring to an end the wrongdoings in the nonbank system and in other areas where financial offenses and acts of corruption are committed. They called on the state institutions and the senior administration to end the illegalities witnessed in society.
