Bulgarian Tycoon Kovachki Charged with Tax Evasion, Freed on BGN 300 000 Bail

Crime | November 12, 2008, Wednesday // 00:00
Police Search Offices of Bulgarian Tycoon Kovachki: Bulgarian Tycoon Kovachki Charged with Tax Evasion, Freed on BGN 300 000 Bail Police, who have been searching the offices of Bulgarian tycoon Hristo Kovachki, place briefcase with accounting documents in one of the police cruisers at the scene. Photo by Nadya Kotseva (Sofia Photo Agency)

The second richest Bulgarian, the millionaire Hristo Kovachki was
charged Wednesday with gross tax evasion but has been released on a BGN 300 000 bail.

The news was announced by the press center of the Supreme Cassation Prosecution.

Earlier on Wednesday Kovachki's press secretary Desislava Filipova denied the allegations that the tycoon had been charged with any crimes after his interrogation at the Main Directorate for Combating Organized Crime.

In addition to the gross tax evasion charges, Kovachki is also charged with conspiring with another person to commit property fraught.

Wednesday morning the police raided 17 of the offices of the energy businessman, and seized accounting documentation and other evidence.

The police, prosecution, and the Sofia City Court are cooperating to continue the investigation against Kovachki, who is the informal leader of the LIDER party.

On Monday Kovachki himself invited the police authorities to inspect his business in order to demonstrate he was not involved in illegal activities.

Hristo Kovachki owns the Bulgarian Energy Company, which 70% of the Atomenergoremont company, which repairs and maintains the facilities of the Kozloduy Nuclear Power Plant.

Earlier in 2008 Kovachki acquired the Bobov Dol Thermal Power Plant. He also owns several mining companies, heating plants, a supermarket store chain, the Sofia-based Municipal Bank, and several factories in Serbia.

The Polish magazine Wprost recently ranked Kovachki the 98th richest man in Eastern Europe with a fortune of USD 700 M.

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