During the policy evaluation and transparency of ownership of licensed banks, the National Bank of Moldova (NBM) found, by the decision of 20 October 2016 that a group of persons acting in relation to BC "Moldindconbank" JSC through the earlier acquisition and holding a significant interest in the bank's capital in the amount of 63.89 percent, without the prior written permission of BNM, thus, violating the Law on financial institutions.

As a result, the exercise of certain rights of these shareholders, namely the right to vote, convene and hold the general meeting of shareholders, the right to bring matters in the agenda, the right to nominate candidates for board members of society, executive body and auditing committee of the bank, the right to receive dividends, was suspended by operation of law, dated October 20, 2016.

Given the suspension of the right to vote of shareholders who together hold over 50% of the bank's shares in accordance with the Law on recovery and resolution of banks, NBM sets from October 20, 2016, a system of early intervention in order to ensure a healthy and prudent leadership in the banking activity during the settlement of the deficiencies identified in its ownership structure.

The mandates of some members of the leadership of BC "Moldindconbank" JSC ceases from October 20, 2016. NBM has appointed a temporary administrator and will designate the positions of temporary members of the management bodies of the bank's international and local experts with rich experience in the field who have already been identified and will ensure a diligent and efficient management of the bank for that period.

BC "Moldindconbank" JSC will continue to operate as normal and will continue to provide all services. NBM decision relates exclusively to the relationship within the shareholder structure of BC "Moldindconbank" JSC and is part of the reform agenda of the NBM, which includes measures of transparency and consolidation of the banking sector. Similar measures relating to shareholders were previously undertaken at BC "Moldova-Agroindbank" that led to the exclusion of shareholders among a group of people who also worked together, in violation of law.

National Bank will continue to act in accordance with current legislation and apply international best practices, including by attracting international experts and managers