--- title: "Moldovan audit uncovers €180m losses at key state firms " url: https://moldova1.md/p/87027/moldovan-audit-uncovers-180m-losses-at-key-state-firms published: 2026-10-06T17:00:00Z language: en author: "Liubomir Guțu" section: "Economic" source: moldova1.md --- # Moldovan audit uncovers €180m losses at key state firms > Mismanagement across eight strategic Moldovan state enterprises caused over €180.4 million (approx. 3.5 billion MDL) in financial damage between 2023 and 2026, according to findings from a special parliamentary inquiry commission. ![](https://storage.moldova1.md/images/c19bb2f8-ddd7-4474-b2ad-430cccd397a3.jpg) Mismanagement across eight strategic Moldovan state enterprises caused over €180.4 million (approx. 3.5 billion MDL) in financial damage between 2023 and 2026, according to findings from a special parliamentary inquiry commission. The comprehensive audit examined governance practices across critical infrastructure and public utilities, uncovering widespread accounting deficiencies, non-transparent public procurement, unrecovered receivables, and stalled public-private partnerships. The parliamentary commission, chaired by lawmaker Dinu Plîngău, stressed that the total financial toll remains provisional because public audits combine outright balance sheet losses, missed commercial revenues, unjustified overheads, and artificially inflated assets. **Energy trader and national telecom incur heaviest hits** State-owned energy trader Energocom recorded the largest financial impact, totaling approximately 1.87 billion MDL (€96.4 million). While the company's natural gas procurements adhered to rules set by the Commission for Exceptional Situations and the European Bank for Reconstruction and Development, the audit revealed that security gas reserves were improperly accounted for at fair value. Ongoing commercial litigation has delayed the recovery of 541.4 million MDL (€27.9 million) spent on emergency gas reserves, while 1.33 billion MDL (€68.6 million) in receivables assigned from heat-and-power producer Termoelectrica remain stalled without accurate accounting reconciliation. National telecommunications operator Moldtelecom posted the second-highest damage, accumulating 1.17 billion MDL (€60.3 million) in total losses. The inquiry noted that maintaining outdated landline tariffs unchanged since 2004 generated alone over 1.07 billion MDL (€55.2 million) in unrecovered deficits. Auditors at Moldtelecom also documented 81 million MDL (€4.18 million) in unauthorized or unjustified capitalization of operational spending, roughly 13 million MDL ($730,000) in non-transparent vehicle acquisitions showing indicators of fraud, missed rental revenues of 3.5 million MDL annually, and real estate assets overvalued by 2.6 million MDL. **Failures in infrastructure, utilities, and public partnerships** Deficiencies also emerged in regional utilities and major infrastructure projects. Northern electricity distributor FEE-Nord registered 25.45 million MDL (€1.31 million) in damages, driven by 22.01 million MDL in unconfirmed balancing market debts and unjustified staff bonus payouts of 3.25 million MDL. Combined heat-and-power generator CET-Nord posted operating losses of 648,600 MDL (€33,400) alongside procedural flaws in asset tracking and payroll management. Meanwhile, an audit of 8.2 billion MDL (€422.7 million) in budget funds allocated to the State Road Administration determined that several roadwork tenders and transactions fell short of statutory standards. Public-private partnerships (PPPs) exposed the state budget to substantial liabilities. The state-run National Lottery accumulated 34.6 million MDL (€1.78 million) in losses after 9.5 million MDL in gaming hall investments failed and revised contractual terms added 25.1 million MDL in direct public spending. At the Chisinau Arena sports and entertainment complex—where the state holds 1.28 billion MDL (€66 million) in public assets—insufficient planning, irregular feasibility studies, and undocumented capital outlays have prevented formal handover and technical certification of the facility. Additionally, poor asset tracking across six Free Economic Zones generated 20.8 million MDL (€1.07 million) in damages, including missed lease receipts and stranded municipal land. **Parliament tightens oversight and orders integrity audits** Parliament will debate a formal resolution requiring the government to roll out strict oversight mechanisms for all state-owned commercial entities within nine months. Under the draft decision, the Public Property Agency must conduct systematic monitoring and present mandatory annual performance reviews directly to lawmakers. The legislature also recommended that the Court of Accounts expand its 2027 external audit program to scrutinize further strategic enterprises, including Chisinau International Airport, state postal service Poșta Moldovei, and Energocom. Simultaneously, the State Tax Service and the National Anticorruption Center will conduct dedicated financial inspections and institutional integrity assessments across the targeted enterprises. 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