Bulgaria's Fina-S Investment Intermediary Terminates Activities

Business | July 25, 2014, Friday // 14:08| Views: | Comments: 0
  • Send to Kindle
Bulgaria: Bulgaria's Fina-S Investment Intermediary Terminates Activities File photo

The Bulgarian Fina-S investment intermediary terminates its business activities, said the company on its website. 

In the message, dated July 21, the company says that a general shareholders' meeting on July 18 decided to give up the license for investment intermediary and approved a plan for the settlement of the business relations with its customers.

The Fina-S clients will receive a written notification of termination of business relations and will have the option to transfer their shares to own accounts in the Central Depository or with another investment broker. The money will be transferred to bank accounts of their choice, or in a common account, if they don't give bank details. 

After formally completing the relations with its customers, Fina-S shall send the necessary documentation to the Financial Supervision Commission and will ask to be written off the list of investment intermediaries. 

It transpired on Thursday, that eight employees of the company owned by the controversial banker Tsvetan Vasilev, sent a letter to the Prosecutor General Sotir Tsatsarov, claiming that Vasilev was handing out credits in their name, as well as in the name of employees of other companies, owned by him. 

According to the letter, Vasilev ordered the handing out of credits totalling BGN 3.5 B to companies, formally owned by employees of Fina-S and the troubled Corporate Commercial Bank (KTB).

Fina-S was established by Vasilev in 1992, according to his biography.

Business » Be a reporter: Write and send your article
Tags: Fina-S, investment, intermediary, license, Tsvetan Vasilev, Financial Supervision Commission, Sotir Tsatsarov
Expats.bg All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
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