The controlling stake in the insurance company Moldasig returned to the control of the state.
The National Commission for Financial Market reported that the Chisinau Court of Appeal at a meeting on July 16 ruled in favor of the NCFM and canceled the decision of the first instance court, which approved the transfer of a controlling stake in Moldasig (75%) to a temporary special administration to private companies. The decision of the Appeals Chamber is final and entered into force from the moment of announcement. Thus, according to the decision of the Appellate Chamber, 75% of Moldasig shares returned to the control of the NCFM. As InfoMarket agency reported earlier, in December 2016, the NCFM by two decisions obliged a number of majority shareholders of Moldasig to sell their shares in this joint-stock company. At first, these were 8 majority shareholders of Moldasig, who owned a majority stake in the company with voting rights (65.03%): Prodromos Limited, Denton Enter-Prise, Intersnab, Kirkliston Management Limited, Appolo Capital Invest, Peklo Management, Semgroup-Systems, Bristol Experts, and then two more Moldasig shareholders with a total stake of 9.9759%: Wesna and Ewra, which owned 4.9917% and, accordingly, 4.9842% of the company's shares. Within 3 months from the date of the decision of the NCFM, these companies had to sell their shares in Moldasig. Since the shareholders did not sell their shares within the set time frame, the NCFM obliged Moldasig to cancel the shares and issue new ones. In the fall of 2020, the shareholders, who lost their shares, applied to the court of Riscani district, demanding to cancel the decision of the NCFM. The court ruled in favor of these shareholders and introduced a temporary special management in Moldasig. By the same decision, Judge Olesea Turcan removed the Moldasig administrator Victor Coada from the office, appointing the "Confidential-Audit" company as Moldasig temporary administrator. To fulfill the powers of the Moldasig board, the court approved the company Altimeea. Then, in order to execute the judgment, the NCFM requested information about the new Moldasig administrators and used the right to appeal in the Appeals Chamber. The regulator also suspended banking operations on Moldasig accounts, fulfilling its powers to oversee the integrity and safety of its assets, as well as ensuring the protection of the rights and interests of the insurance company's clients.// 19.07.2021- InfoMarket.
