The Executive Board of the National Bank of Moldova decided to fine the former directors of Banca Sociala. Here they are: Natalia Rahuba, Sergiu Albot, Valentin Cunev, Leontie Suholitco and Vladimir Novosadiuc. They were penalized with the 10 average financial activities salaries. Those money will be sent to the public budget.
According to the NBM press release, all the former directors of the Banca Sociala have violated the Law on Financial Institutions and the National Bank rules. The officials violated the classification rules and performed an inadequate assessment of loans, violated the limits and requirements of the risks concentration, held risky bank operations and put off false information in financial documentation of the prudential purposes, presented to the National Bank.
At the same time the National Bank believes that the maximum amount of the fine that is provided by law is unproportional to the gravity of the committed violations and the damage caused by the Banca Sociala. As a result, the National Bank will promote the changes in the legislation to tighten the sanctions applicable to the banks management.
"The National Bank carries out the further measures for identification of the possible law violations of the activity of the Banca Sociala JSC, the Banca de Economii JSC and Unibank JSC during their liquidation”, was announced in the BNM press release.