Amol Bank

1. Amol Bank

2. Amol Bank • Privatization efforts in the banking industry have been slow to take hold, but are beginning to show progress. A model of success has been the Amol Bank. It has attracted customers (depositors) in growing numbers. The bank has invested these funds in prosperous small enterprises in Moldova. • The World Bank has acknowledged Amol as a model of banking for developing countries. The number three ranking official of the World Bank is scheduled to pay a visit to Chisinau in early November for the purpose of a courtesy call on the bank. Privately, World Bank officials have told government officials that a major development for the country will be discussed in November.

3. Amol Bank • On 12 October, the chief financial officer of the Bank was • reported missing. Foul play is suspected by the police. • On 13 October, the Bank’s president advises the Ministry of • Finance that a check of certain key accounts under the • control of the missing financial officer shows “suspicious • discrepancies.” • The same day, a police informant of uncertain reliability • reports that the missing financial officer had close • connections with the Russian Mafia. • The press has seized on the news of the missing officer, • focusing on possible foul play.

4. Amol Bank • 15 October – The Bank President tells Finance and police • officials that the Bank has no funds. A more thorough audit • clearly indicates that the accounts under the missing financial • officer’s control have been drained. The Bank is “broke,” and • the depositors’ money is gone. He believes money • laundering was involved. • Late 15 October – There is no sign of the missing banker, • although a search of his apartment turns up a carbon copy of • an airline ticket from Bucharest to Zurich on 12 October. • Several of the press have contacted Bank and government • officials asking if the disappearance had anything to do with • the financial soundness of the Bank.