Bulgaria Reluctant to Seek ECB Scrutiny Before Euro Entry
Bulgaria, which is seeking to cement its path to euro adoption this year, said it has no plans to join Europe’s banking union before switching to the common currency.
A government agency in charge of forfeiting illegal assets announced on Thursday it had filed a claim against Tsvetan Vasilev, the majority shareholder of insolvent Corporate Commercial Bank (Corpbank or KTB).
At a press conference, the Commission for Illegal Assets Forfeiture (CIAF) accused Vasilev of unlawfully acquiring BGN 2.2 B (EUR 1.12 B), BGN 1.4 B of them being secured.
The CIAF announced the claim it had lodged with the Sofia City Court was with the value of secured assets.
Private bTV station showed CIAF chairman Plamen Georgiev reading out a list of properties and accounts that would be distrained if the claim is approved. These include buildings in Sofia and the town of Tsarevo at the Black Sea, and a house in Switzerland worth BGN 47 M.
Georgiev accused Vasilev of "aggressively" acquiring assets and subsequently causing the liquidity crisis at KTB.
KTB was Bulgaria's fourth-largest lender before collapsing after a run on deposits in June 2014.
The CIAF's announcement comes a day after Vasilev, currently in Serbia, was interrogated by the Belgrade High Court in relation to an extradition request from Bulgaria.
The businessmen is sought by Sofia in order to face charges of embezzlement BGN 206 M from Corpbank.
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