A billion dollars disappears from little Moldova’s banking system

admin Banking, Corruption, Market Commentary

A billion dollars is a lot for Europe's poorest state of Moldova/Moldavia — particularly when it disappears.
Anti-corruption prosecutors and American auditors have been searching the books for clues about the mysterious transactions, an embarrassment for the ex-Soviet state on track for EU membership.
The scandal has even threatened to destabilise the banking system in the country of 3.5 million people.
The case of the vanishing billion came to light when the Central Bank of Moldova discovered that three banks have given out loans worth a total of $1 billion, or 15 percent of the impoverished ex-Soviet state's GDP.

This post was published at Yahoo

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