Moldovan Popular Unrest Resulting From Political Dealings Continues

Chisinau, the capital city of the poorest nation in Europe, became host to the largest protests in Moldova’s history when it was revealed that $1 billion spontaneously disappeared in late 2014 from the accounts of three of the country’s largest banks. This sum is equivalent to over 10% of the country’s GDP. The alleged culprit is Ilan Shor, the 28-year old owner of local TV stations EuroTV and AltTV, the soccer club FC Milsami, the Klassika Insurance company, and Dufremol, the largest seller of duty-free goods in Moldova.

Shor was acting as President of Banca de Economii when a labyrinth of bank transfers funneled money out of Moldova to a series of mysterious “shell companies” that were registered in the UK and Hong Kong and thought to be connected to Shor himself.

According to CNN, the central bank of Moldova was forced to issue $870 million of emergency loans as a bailout in response to the crisis in order to prevent the collapse of the economy.

Shor was put under house arrest for a maximum of 30 days before being permitted to successfully run for mayor of his hometown of Orhei in June of 2015. The magnate and alleged bank robber secured a victory with 62% of the vote.

The ongoing anti-government protests call for the resignation of the government to make way for early elections, increased government transparency to combat rampant corruption, and greater alignment with the EU. Russia Today reports that at their peak in the summer of last year, the protesters numbered over 100,000.

Any more association between Chisinau and the European Union will surely prompt further disturbances in the state of Transnistria on the Ukraine-Moldova border, which is already threatened by significant Russian military presence. The head of the Transnistrian parliament had already asked to join Russia after the annexation of Crimea by the Russian Federation in March 2014.