Ex Bulgarian Steel Mill CEO Sentenced to 9 Years in Jail for Embezzlement

Crime | January 26, 2011, Wednesday // 12:11
Bulgaria: Ex Bulgarian Steel Mill CEO Sentenced to 9 Years in Jail for Embezzlement Alexander Tomov has received a 9-year sentence for draining EUR 7 M from the Kremikovtzi steel mill. Photo by BGNES

Alexander Tomov, former president of the CSKA Sofia football club and former CEO of the Kremikovtzi steel plant, was sentenced Wednesday to a total of 9 years in jail for embezzlement.

The Sofia City Court sentenced Tomov for document fraud and large-scale embezzlement while he was in the management of the now bankrupt steel mill. Another defendant, Ivan Ivanov, received the same sentence, while Bozhko Bonev was acquitted on the same charges.

Tomov and Ivanov are found to have grabbed hold of real estate properties and equipment worth EUR 7.05 M belonging to what was once Bulgaria's largest steel plant.

The original charges against Tomov were for the embezzlement of a total of EUR 36 M from Kremikovtzi and CSKA Sofia combined; however, the court recognized only the embezzlement of EUR 7 M. The prosecution had asked for a 15-year sentence stating that Tomov's case was a large-scale embezzlement.

Tomov was acquitted on charges of draining EUR 3.5 M from the CSKA football club, whose president he was at about the same time that he was in charge of Kremikovtzi. The other defendant facing the same charges with respect to the CSKA Sofia football club, Alexander Garibov, was acquitted.

Tomov blames the former PM and leader of the now opposition Bulgarian Socialist Party (BSP), Sergey Stanishev, and the former socialist Economy Minister, Petar Dimtirov, for the mill's bankruptcy.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Crime » Be a reporter: Write and send your article
Tags: Alexander Tomov, CSKA Sofia FC, Kremikovtzi, steel mill, embezzlement, Sofia City Court
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria