Bulgarian energy tycoon Hristo Kovachki has been found guilty of large-scale tax evasion by the Sofia City Court but got a suspended sentence.

Kovachki, one of the richest people in Bulgaria, was found to have evaded the payment of almost BGN 17 M in taxes to the state, the court said Thursday in its motives that took an entire two hours to read.

Kovachki received a three-year suspended sentence with a five-year probation.

The energy tycoon was first charged with massive tax evasion in 2008 after he had just founded a political party called LIDER; his moves to get involved in politics and his facing of tax evasion charges led Bulgarian commentators to compare him to convicted Russian oligarch Mikhail Khodorkovsky. His political party failed to take off in the 2009 parliamentary elections.

At Monday's sitting of Sofia City Court, the prosecution had requested 5 years in jail for Kovachki, which is the medium penalty previewed for his alleged offense (3 to 8 years in jail).

The businessman's defense, on the other hand, pleaded that their client is innocent.

Kovachki is accused of staging fake deals with equipment, biofuel and souvenirs, by means of which he is claimed to have defrauded the state with taxes amounting close to BGN 17 M (EUR 9 M).

The wealthy Bulgarian oligarch claimed that he never made fake deals, and that the equipment in question can be found in the facilities that he owns.

He is the owner of thermal power plants in Dimitrovgrad and "Bobov Dol", several mines, as well as the heating utilities in Vratsa, Burgas, Veliko Tarnovo and Pleven, the grocery chain "Evropa" and the "Atomenergoremont" company.