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May 8, 2015 08:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/0nNTerzS2Hw/28-year-old-businessman-accused-of-stealing-1-billion-from-moldova
28-Year-Old Businessman Accused of Stealing $1 Billion From Moldova
An anonymous reader writes: You could be excused for not knowing much about Moldova — the small, Eastern European country has a population of around 3 million and occupies about 13,000 square miles of territory. Its GDP is just over $6 billion — which makes accusations that 28-year-old Ilan Shor stole close to a billion dollars from the country's banks quite interesting. A recent report (PDF) says Shor led a group that bought controlling stakes in three Moldovan banks and then passed transactions between them to increase their liquidity. The banks then issued massive loans to companies owned or related to Shor. $767 million disappeared from the banks, and the country's central bank thinks that total will rise to $1 billion. It was forced to bail out the banks to keep the economy from crashing. Widespread corruption led to many records of Shor's actions being "lost" or outright deleted. He's now charged and placed under house arrest while the investigation continues.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/0nNTerzS2Hw/28-year-old-businessman-accused-of-stealing-1-billion-from-moldova
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