The National Bank of Moldova (BNM) today ruled to block a group of shareholders of Moldindconbank, for reasons that they would act jointly, and appointed a temporary manager of the bank. The concerned shareholders have earlier bought and hold a substantial quota of the bank’s registered share capital, worth 63.89 per cent, “without the preliminary written permission of BNM, thus violating the provisions of the law on financial institutions.”  

As a result, the exercise of right to vote, of summoning and holding the general assembly of shareholders, right to introduce issues on the agenda, right to put forward candidates for members of the society’s board, of the executive body and the censors’ commission of the bank, the right to receive dividends was suspended de jure starting from 20 October 2016.  

Given that the right to vote of the shareholders having together over 50 per cent of the bank’s shares, was suspended, in accordance with the law on the redressing and resolution of banks, BNM establishes a regime of early intervention beginning with 20 October 2016, in order to ensure a sound and prudent leadership of the bank’s work on the period of settling the deficiencies identified in its property structure.

The mandates of some members of Moldindconbank leadership cease starting from 20 October 2016. BNM appointed a temporary manager and is to appoint international and local experts with a rich experience in the sector as temporary members of the bank’s leadership bodies, who have been already identified and are to ensure a diligent and efficient management of the bank on this period.  

Moldindconbank will continue working as normal and will further provide all services. BNM’s ruling refers exclusively to the relations within the structure of the of shareholders of the Commercial Bank Moldindconbank stock company and fits the agenda of National Bank’s reforms, which includes measures of transparentization and strengthening the banking sector. Similar measures concerning the shareholders have been earlier undertaken at Moldova-Agroindbank, which led to the exclusion from shareholders of a group of persons who acted jointly by infringing the legislation in force.       

Moldindconbank has been under special supervision, along with another two big banks of Moldova, starting from 11 June 2015. At that time, BNM said “this is a measure to get a larger and more detailed volume of information in comparison with the standard procedures.”