Moldovan Court Sentences Plahotniuc to 19 Years for Bank Fraud

A Chisinau court sentenced Moldovan oligarch and former political figure Vladimir Plahotniuc to 19 years in prison on Wednesday for his role in a massive bank fraud scheme that siphoned about 1 billion from the country's financial system in 2014 and 2015. The ruling, delivered by the Buiucani district court, also ordered the seizure of approximately 60 million from Plahotniuc's accounts, according to prosecutor Alexandru Cernei.

Plahotniuc, 60, was convicted of bank fraud, organizing a criminal group and money laundering in the case, known locally as the "theft of the century." The scandal involved the disappearance of funds equivalent to roughly 12 percent of Moldova's gross domestic product at the time, funneled overseas through questionable loans, asset swaps and shareholder transactions at three major banks: Banca de Economii, Banca Sociala and Unibank. Prosecutors alleged Plahotniuc received more than 43 million euros from entities linked to another businessman, Ilan Shor, who was sentenced in absentia to 15 years in prison in a related case and fled to Russia. The funds were used for personal expenses, including the purchase of an Embraer Legacy 650 aircraft, property...