The National Commission of Financial Market (NCFM) has decided to sanction two shareholders of the insurance company Moldasig. Thus, the „WESNA” L.T.D. (4.99% share) and „ERWA” Limited (4.98% share) shareholders, have 3 months to sell their shares.
The decision on sanctioning those two companies was taken by the NCFM, following the information received from the Intelligence and Security Service (ISS) about a group of shareholders acting together, holding a stake of 9.97%.
Last week, another 8 Moldasig shareholders were forced by a decision of the NCFM to sell their shares. The 8 main shareholders are: „Prodromos Limited” L.T.D. (19,98%), „Denton Enter-Prise” L.T.D. (19,99%), „Intersnab” O.O.O (4,98%), „Kirkliston Management Limited” (4,99%), „Appolo Capital Învest” L.T.D. (4,98%), „Peklo Managemen” (4,95%), „ICS Semgroup Systems” S.R.L. (4,89%), „Bristol Experts” LP (0,27%). Together they held 65.03% stake in the insurance company.
If the shareholders will not dispose of the their shares within the deadline established by the NCFM, the executive body of Moldasig must, within 15 days, cancel those shares, issue new ones and display them for sale.
At the same time, the decision of the NCFM states that the right to vote of the shareholders concerned will be suspended, but also convening and holding the general meeting of shareholders, the right to bring issues on the agenda, the right to nominate candidates for the position of member of company's board , the executive body and auditing committee, and the right to receive dividends.
According to the NCFM the decision was taken as a result of them working together, and acquiring shares without the prior approval of the NCFM. Also, the shareholders did not submit the information requested by the NCFM, and so there was not possible to establish their lack of concerted activity in relation to the insurer.
This year, the NCFM has forced other two insurance companies Asito and Alliance Insurance Group (AIG) to sell their shares.
Please note that in March of this year, the chairman of the JSC Moldasig Board of Directors, Stella Pahomi, was detained by the NAC in a case of money laundering and misappropriation in large proportions. She was accused of faking several of general authorizations, after which she called 17189 shares of Moldova Agroindbank. As a result, Pahomi has sent some shares to some offshore companies, laundering a total of 20 million lei. Afterwards, she said that all documents for the operations performed were lost.