Moldova banking fraud: Ex-Social Bank board sentenced
Four former board members of Social Bank, which collapsed due to a large-scale banking fraud, along with a company administrator, were sentenced today by the Chișinău Court for unlawfully issuing loans.
As board members, the four individuals approved loans worth 130 million lei (€6,600,000) in breach of legal provisions and lending regulations, with nearly 127 million lei (€6,500,000) left unpaid. The criminal case against the bank’s board chairman, who was accused of involvement in this case, was closed due to his passing.
The former board members were fined 60,000 lei (€3,000) and prohibited from working in the financial sector for five years. When determining the sentence, the court took into account their advanced age.
The company administrator, allegedly complicit, was sentenced to four years in a semi-open prison. Additionally, he is barred from holding financial-sector positions or engaging in banking activities for five years and remains under preventive detention.
Another alleged accomplice, a real estate appraiser, was acquitted due to a lack of evidence supporting criminal liability.
The convicted individuals are required to pay nearly 127 million lei in damages to Social Bank.
The verdict is not final and may be appealed.
Translation by Iurie Tataru
