{"id":45252,"date":"2019-01-29T13:04:20","date_gmt":"2019-01-29T11:04:20","guid":{"rendered":"https:\/\/bivol.bg\/?p=45252"},"modified":"2019-02-12T14:53:59","modified_gmt":"2019-02-12T12:53:59","slug":"%ef%bb%bfmoldovan-finance-minister-wants-trust-in-moldindconbank","status":"publish","type":"post","link":"https:\/\/bivol.bg\/en\/%ef%bb%bfmoldovan-finance-minister-wants-trust-in-moldindconbank.html","title":{"rendered":"\ufeffMoldovan Finance Minister Wants \u2018Trust\u2019* in Moldindconbank"},"content":{"rendered":"\n


Chisinau has approved the sale of a 64% stake in Moldindconbank\nS.A., the second largest by its assets bank in Moldova, to Bulgarian DOVERIE UNITED-HOLDING PLC<\/a>. Moldindconbank\nS.A. was involved in large-scale international scandals about which Bivol also wrote<\/a>. The scandal,\nknown as the \u201cLaundromat<\/a>\u201d,\nis associated with the laundering of USD 22 billion from Russia \u2013 as well as\nthe syphoning of over USD 1 billion from the Republic of Moldova\u2019s banking\nsystem \u2013 an affair called by the local media \u201cthe theft of the century\u201d. In\nless than a week, the key document for the realization of the deal has been issued\nand the buyer has been approved by the Moldovan Parliament. This hurry seems to\nbe related to the upcoming elections, says economist Tatiana Laryushina.<\/strong><\/p>\n\n\n\n

As Bivol\nreported<\/a> last week, the owner of Sopharma Pharmaceuticals<\/strong> Ognian\nDonev and the owner of Darik Radio<\/strong> (revealed to have been a collaborator\nof the Communist regime secret services with the alias \u201cKarak\u201d) are becoming top\nbankers in Chisinau. Their joint venture DOVERIE UNITED-HOLDING<\/strong> is\npurchasing 63.9% of the shares in Moldova’s Moldindconbank S.A. (MICB)<\/strong>,\nas revealed on January 22, 2019.<\/p>\n\n\n\n

Since then, events have been developing very quickly. On the\nnext day, January 23, the National Committee for Financial Stability of the\nRepublic of Moldova offered to Prime Minister Pavel Filip’s government “to\nstart negotiations with the potential buyer” of MICB.<\/p>\n\n\n\n

“The measures are\nanalogous to the best practices of European countries and have already been\nsuccessfully undertaken last year in the sale of Moldova-Agroindbank S.A.,”<\/em>\nwas the official position of the National\nBank of Moldova (NBM)<\/a> on the occasion of the meeting.<\/p>\n\n\n\n

\"\"

Doverie – Invest and Doverie – United Holding PLC are located on the same address – in building A of Sopharma Business Towers

<\/figcaption><\/figure><\/div>\n\n\n\n

The Public Property Agency (Agen\u021bia\nPropriet\u0103\u021bii Publice \u2013 APP<\/a>) of the Government of the Republic of Moldova\nhas prepared a draft decision for the formal approval of the acquisition of the\ncontrolling stake in Moldindconbank S.A. by the Bulgarian DOVERIE\nUNITED-HOLDING.<\/p>\n\n\n\n

The deal will be realized through the subsidiary company Doverie – Invest JSC<\/strong>. The company is\nregistered at the main office building of Sopharma \u2013 Sopharma Business Towers\nin the Dianabath district of the Bulgarian capital Sofia. The registered capital\nof the company, incorporated only on 18 December 2018, is BGN 5 million.<\/p>\n\n\n\n

\u201cIt is not quite\nnormal for the capital to be below the price of the deal, but what is more\nimportant is the guarantees of this company – otherwise it is a global practice\nto have minimum capital for a certain business goal<\/em>,\u201d said business\njournalist Ion Preasca of Mold\nStreet<\/a> and of the center for investigative journalism – RISE Moldova<\/a> – Bivol\u2019s Moldovan partner\nin the Organized Crime and Corruption\nProject  (OCCRP)<\/a>.<\/p>\n\n\n\n

Green light for the\ndeal<\/strong><\/p>\n\n\n\n

The draft decision, published on the site of the Government\nof the Republic of Moldova, has not yet been approved. There are no number and\nsignatures or seals on it, but there are special blank spaces for them. The\ndraft decision has been prepared by Finance Minister Ion<\/strong> Chicu<\/strong> and the Minister of Justice Victoria Iftodi<\/strong>. It is to be signed by\nthem and Prime Minister Pavel Filip<\/strong>.<\/p>\n\n\n\n

APP\u2019s instructions for the sale are set out in six points, such as to carry out the procedure tested in the sale of the largest bank by assets in Moldova – Moldova-Agroindbank (MAIB)<\/strong>. The purchase of MICB shares is forthcoming and then they will be resold to a foreign investor, approved by the regulator.<\/p>\n\n\n\n

\"\"

Draft decision of the Moldovan Cabinet <\/figcaption><\/figure><\/div>\n\n\n\n

“The purchase of\nthe newly-issued shares in Moldindconbank S.A. is approved by the Public\nProperty Agency on behalf of the government<\/em>,” says the draft decision\nof the Cabinet in Chisinau.<\/p>\n\n\n\n

Bivol was the first to announce the price of the deal: \u201c3,173,751 shares, worth RON 760,113,364.50\nor about EUR 39.14 million<\/em>\u201d.<\/p>\n\n\n\n

According to item 2, the Ministry of Finance of Moldova will\nprovide APP with “the necessary amount to buy the shares issued by\nMoldindconbank S.A., as well as to cover the costs associated with this\ntransaction. According to item 3, the acquisition of the MICB control package by\nDoverie – Invest is de facto allowed. <\/p>\n\n\n\n

Under item 4, equal conditions for bidding and selling will\nbe provided to a potential buyer that has signed the Preliminary Contract, on\nequal terms with other potential investors that have received approval from the\nNBM. Item 5 states that APP’s Director General Vladimir Baldovici<\/strong> is authorized by the Prime Minister of Moldova\nto sign the contracts, for both, the purchase of the MICB shares and their\nsubsequent resale to the Bulgarian DOVERIE.<\/p>\n\n\n\n

According to the sixth item, \u201cthis decision shall enter into\nforce on the date of its publication\u201d.<\/p>\n\n\n\n

Bivol has the draft decision of the Moldovan government, as\nwell as the attached to it APP draft agreement for the forthcoming sale of the\nMICB share package to the Bulgarian company Doverie – Invest JSC – a 50-page document\nin Romanian.<\/p>\n\n\n\n

To Chisinau and back<\/strong><\/p>\n\n\n\n

At the same time, only a week later, on Monday, January 28, DOVERIE’s representatives visited Chisinau, according to the Moldovan Parliament’s website<\/a>.<\/p>\n\n\n\n

\"\"

The Speaker of the Parliament of the Republic of Moldova Andrian Kandu (left) met the top management of DOVERIE
-UNITED HOLDING on January 28 (photo: Parliament of the Republic of Moldova<\/a>) <\/figcaption><\/figure>\n\n\n\n

Parliament Speaker Andrian\nKandu<\/strong> has held talks with the “management of a European investor”\nwith interest in “investing in the financial and banking sector” of\nMoldova.<\/p>\n\n\n\n

\u201cFollowing the banking\ncrisis that our country underwent, we adopted a comprehensive legislative\npackage to improve the financial and banking sector in order to make it more attractive\nto foreign investors<\/em>,\u201d the Parliament\u2019s press office quoted Kandu, after his\nmeeting with two of the top managers of DOVERIE. <\/p>\n\n\n\n

“On their part, the\nrepresentatives of the Bulgarian company expressed confidence that the\nannounced investment will allow for the modernization of the sector as their\ncompany has a substantial international banking experience<\/em>,” reads the\npress release.<\/p>\n\n\n\n

As RISE Moldova found, Andrian Kandu is one of the figures\nwho have managed the countless offshore companies of the Chairman of the ruling\nDemocratic Party of Moldova (DPM) \u2013 oligarch Vladimir Plahotniuc<\/strong> and has experience in the American\nPriceWaterhouseCoopers (PwC) which is engaged in auditing and accounting.<\/p>\n\n\n\n

Pre-election sale in\nMoldova<\/strong><\/p>\n\n\n\n

One explanation for the extremely swift reaction of the Moldovan\nauthorities may be the upcoming elections. The general elections in Moldova are\nscheduled for February 24, 2019. Until then, even Prime Minister Pavel Filip,\nwho is on pre-election leave, does not have the right to actually sign the\nCabinet’s documents. According to Preasca, it is precisely because of this that\nthe work on the deal is entirely tasked to the APP Director General.<\/p>\n\n\n\n

According to the respected Moldovan economist from the\nInstitute for Development and Social Initiatives (IDIS) “Viitorul”, Tatyana Laryushina<\/strong>, the pre-election\nsituation is extremely favorable to the authorities in Chisinau, which explains\nthe quick decisions about the fate of MICB.<\/p>\n\n\n\n

“The motive is\nnot even that much related to the elections, it is simply a good time to push\nthe deal in the period between two Cabinets<\/em>,” Tatyana Laryushina told Bivol.<\/p>\n\n\n\n

According to her, if there are any doubts about a conflict\nof interests of the Bulgarian investor (Sopharma is the owner of a chain of\npharmacies in Moldova), it is normal not only for the NBM but also the Ministry\nof Finance to start a probe.<\/p>\n\n\n\n

The economist recalled that after the “theft of the century<\/strong>“, a massive\nreform was carried out in Moldova, “including with the aim of restoring\nconfidence in the banking sector and more supervisory functions by the regulator.”<\/p>\n\n\n\n

\"\"

On January 23, 2019, Bivol quoted the NBM National Governor Octavian Armasu as saying that the buyer had no business in Moldova. However, Sopharma has a network of pharmacies in Chisinau (photo NBM) <\/figcaption><\/figure>\n\n\n\n

According to Laryushina, \u201cwhether the NBM is independent of\nthe lobbying influence of various groups and of the political conjuncture is a\nseparate issue.\u201d<\/p>\n\n\n\n

She recalled that the “Laundromat<\/strong>” was related to the use of MICB by foreign special\nservices (there was information about the Russian FSB) for money laundering\npurposes. “It should be kept in mind that the Bank, once managed by Ukrainian\nbusinessman Veaceslav Platon, had been associated with the activities of the\nspecial services for financial destabilization.”<\/p>\n\n\n\n

According to her, the NBM for now reports only to the country\u2019s\nParliament, although it has such obligations to the creditors as well – the\nInternational Monetary Fund (IMF), the World Bank (WB), the European Bank for\nReconstruction and Development (EBRD), and others. <\/p>\n\n\n\n

Speaking before Bivol, the economist urged the NBM to disclose\nall their due diligence and screening procedures and all related documents to\nshow the transparency of the ultimate beneficiaries from the buyer company.<\/p>\n\n\n\n

*In Bulgarian \u201cdoverie\u201d means trust \u2013 editor\u2019s note<\/p>\n","protected":false},"excerpt":{"rendered":"

Chisinau has approved the sale of a 64% stake in Moldindconbank S.A., the second largest by its assets bank in Moldova, to Bulgarian DOVERIE UNITED-HOLDING PLC. 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As revealed by The New York Times, last year she traveled to Rome for an event at the\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":47754,"url":"https:\/\/bivol.bg\/en\/moldovan-oligarch-sells-12-duty-free-shops-to-bulgarian-national.html","url_meta":{"origin":45252,"position":5},"title":"Moldovan Oligarch Sells 12 Duty-Free Shops to Bulgarian National","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"21 June 2019","format":false,"excerpt":"The leader of the Moldovan \u201c\u0218OR\u201d party, Moldovan-Russian oligarch Ilan Shor, has sold 12 duty-free shops to Bulgarian entrepreneur Marko Stefanov Todorov. This deal by the politician and former mayor of the Moldovan city of Orhei (Orgeev) was reported on June 19 by the Moldovan site \u041cold-street. The Bulgarian is\u2026","rel":"","context":"In "Comments"","block_context":{"text":"Comments","link":"https:\/\/bivol.bg\/en\/category\/comments-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/45252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/users\/20614"}],"replies":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/comments?post=45252"}],"version-history":[{"count":0,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/45252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media\/45175"}],"wp:attachment":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media?parent=45252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/categories?post=45252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/tags?post=45252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}