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Tycoon Hristo Kovachki (right) is facing large-scale tax evasion charges. Photo by BGNES
Sofia City Court has levied new distraint on assets owned by Bulgarian energy tycoon Hristo Kovachki.
The Court acted upon a suit filed by the Bulgarian Parliament Commission for seizing illegally acquired property which demanded a distraint on BGN 13 M worth of assets owned by Hristo Kovachki. The tycoon is currently being charged with large-scale tax evasion.
The move is in preparation of a suit to be filed by the Commission which is to demand the expropriation of Kovachki’s assets in favor of the state if it is proven that his property was acquired through illegal activities.
Thus, the total value of Kovachki’s assets with court-ordered distraints amounts to BGN 156 M, after in September 2009, the Court froze BGN 143 M in assets of Kovachki, while he is on trial. Should Kovachki be found guilty, the property in question will be confiscated.
The distraint refers to Kovachki’s assets of his company LM Impex in a number of companies including the chemical plant Himko Jsc, the Maritza East 3 thermal power plant, the Municipal Insurance Company Sofia, and the heating utilities in Pleven, Burgas, and Vratsa, among others.
Sofia City Prosecutor, Nikolay Kokinov, has said he has received a huge amount of tax evasion evidence against Hristo Kovachki.
Kokinov received an indictment of over 100 pages against Kovachki and 350 volumes of materials. He therefore signed the indictment of the City prosecutor to officially charge Kovachki with tax crimes amounting to BGN 16 M for the 2005-2008 period from four of his businesses.
Unnamed sources from the energy sector claim the charges involve import of used equipment for the heating utilities in the cities of Burgas and Pleven that had been transferred through several businesses in order to evade paying VAT.
Kovachki, whose party LIDER failed to win seats in July's parliamentary election, has diverse business interests, ranging from manufacturing to banking and from energy to retail.
He owns the Thermal Plants "Maritsa-Iztok 3" 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.
Believed to be one of the richest men in the Balkans, Kovachki has denied any wrongdoing.
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