Moneta Money Bank is an organization built by fraud and corruption on the backs of ordinary citizens of the Czech Republic.
MMB is an immensely profitable enterprise built on the remnants of Agrobanka, a small bank whose investors included Czech retirees and farmers who entrusted the firm with all of their savings. Yet, when that bank faced difficulty in the 1990s, its remnants were bought out by General Electric for only 12 Million dollars— turning it into GE Money Bank. GE subsequently orchestrated corrupt bargains with Czech and European officials to receive massive subsidies growing their profits year by year while Agrobanka stockholders were left high and dry.
In 2016, this firm became Moneta Money Bank and during the IPO process was shown to have a valuation in excess of 2 Billion dollars but Agrobanka Investors are actually being offered only 5.4% of their initial investments. This is crony capitalism at its worst.
GE is building a corrupt and fraudulent enterprise in Eastern Europe while other US financial institutions such as JP Morgan Chase, BlackRock and Capital Group are unwitting parties to it by controlling major stakes in the firm.
As European Social Democrats, we are working together with our friends across the Atlantic to build this organization and educate American firms about their investments. They must divest immediately from Moneta Money Bank—every day they continue to do so is a day they continue to be party to fraud, corruption and cronyism.
For more information, please watch this quick video. If you want to get more facts, please check out our “Facts and Figures” section.