The heist was brazenly simple. Somebody — or, more likely, somebodies — inserted themselves into the ownership structure of three Moldovan banks. Over the course of two years leading up to November 2014, the banks issued a honeycomb of interconnecting loans. In the words of a leaked report on an investigation into the theft, these loans had, “No sound economic rationale, and ultimately resulted in such a significant deterioration in each of [the banks’] balance sheets that they were no longer viable as going concerns.” And so it was that Moldova woke one morning last November to find itself one billion dollars and three banks lighter.
Continue reading here.
Photo credit: flickr/thierry ehrmann