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Category Archives: English

ABS-CNN.com, June 2017: Ilan Shor, moldovan businessman sentenced for role in $1 billion bank fraud. August 2018, Moldovan people are still waiting for Shor to start serving time in prison

CHISINAU – A Moldovan court sentenced businessman Ilan Shor to seven and a half years in prison on Wednesday for his role in a $1 billion banking scandal that nearly bankrupted the tiny former Soviet republic two years ago.

Known locally as the “theft of the century”, the scheme saw the equivalent of an eighth of Moldova’s gross domestic product disappear from three of its largest banks, including Banca de Economii, between 2012-2014.

An investigation into the banking fraud has identified around 40 people who either benefited from the scheme or facilitated it, but most of them have yet to be publicly named.

Shor, who was a senior executive at Banca de Economii at the time, was found guilty of causing financial damage of 5.2 billion lei ($1.26 billion) linked to the scandal. He denies any wrongdoing.

“Shor has never accepted and will not accept the ruling of the court – he gave a full confession,” Shor’s lawyer Denis Ulanov said after the sentencing.”He named everyone who stole money from the bank, he named everyone who received money in the form of loans from the banks,” Ulanov said, adding that his client would appeal against the verdict.

Another businessman and a former prime minister of Moldova have also been jailed in connection with the scam, in which money was siphoned overseas through dodgy loans, asset swaps and shareholder deals. The scandal triggered street protests and the International Monetary Fund and the European Union froze aid. Moldova’s leu currency plunged to record lows and inflation climbed into double digits.

more at : news.abs-cbn.com, Jun 2017

 

Jurnal.md : „Boyars of impoverished Moldova”: Shor spent 150.000 dollars for a luxury holiday in the Maldives

Out of the billion stolen from the Moldovan banking system, 150,000 dollars went to the Maldives. Ilan Shor sent this sum to a beautiful island in the Indian Ocean where he flew after the theft was completed. Probably tired of work he has done, he went on a vacation with his family and friends. Among them – the wife of a former dignitary from Vladimir Putin’s team.

In November 2014, a few days before the “theft of the billion” operation was completed, one of Ilan Shor’s companies involved in the robbery scheme made two 150-thousand-dollar transfers to the accounts of an impetuous resort station on an island in the Maldives archipelago. In less than two months, at the beginning of 2015, the bankrupt banker’s family was flying for a dream holiday. Photos of that trip were posted on social networks by the wife of the convicted in the bank fraud case, Sara Shor, the Russian singer named on scenes as Jasmin.

The resort where the family was staying is considered one of the most expensive in the world and offers the most spectacular villas. Huge pools, outdoor areas, direct access to the private beach – a total isolation in a paradise. “Imagine the white sandy beaches and the turquoise waters, stretching as far as you can see – and that’s just the beginning!” – so the resort chosen by Shor is luring the rich clients. Far from the realities of Moldova. For example, one of the exclusive services that can be enjoyed today by the guests of this resort is the underwater trip with a three-seat submarine.

From the photos posted by Shor’s wife on the internet, it appears that the family opted in January 2015 for this variant of accommodation in the luxurious resort. A two-bedroom villa on the oceanfront with a large swimming pool and private beach exit.

(foto : arhiva, Jasmin şi Ilan Shor pe o plajă din Maldive, instagram.com/jasminshor)

The Guardian : EU to Moldova: sort out corruption or €100m funds will stay blocked

Moldovan government still failing to meet EU conditions on voting system and crackdown on corruption, says EU.

Moldova has been warned that €100m (£87m) of EU funds will remain blocked until the government rethinks a law on the voting system and cracks down on rampant corruption.

Siegfried Mureşan, vice-chair of the European parliament’s budget committee, said Moldova’s EU funds would remain frozen because the government had failed to meet conditions on respect for the democratic process.

“We are ready to make the money available,” Mureşan told the Guardian. “This is the right thing to do for a country in the immediate neighbourhood of the EU to contribute to increasing stability, both economically and security wise. But we said subject to conditions.”

The EU has pencilled in €60m in loans and €40m grants in 2017-18 to help the former Soviet republic stabilise its economy and carry out reforms.

The funds were frozen last year, after Moldova’s government pushed ahead with a new electoral law, despite warnings from the Venice commission, experts who advise the Council of Europe on law and democracy.

Moldova’s electoral law could mean local politicians end up in the pockets of well-resourced businesspeople. In a report published last month, the Venice commission reiterated previous warnings that the law risked “undue influence and manipulation” of the political process by businesspeople pursuing their own interests.

“The European commission said ‘please apply all recommendations of the Venice commission from A-Z’,” Mureşan said. “And that is what they have not done so far and that is what we expect them to do as a precondition for disbursing the macro-financial assistance.”