Bulgaria’s Technomarket CEO Released on Bail in Tax Fraud Probe

Crime | July 10, 2015, Friday // 18:00
Bulgaria: Bulgaria’s Technomarket CEO Released on Bail in Tax Fraud Probe Photo credit: technomarket.bg

Nikolay Kitov, founder and CEO of Bulgaria-based Technomarket consumer electronics and household appliances chain, has been released on a BGN 10,000 (EUR 5,000) bail by Sofia City Court (SCC), according to BGNES.

Kitov was detained three days ago in Sofia on a European Arrest Warrant issued by prosecutors in Monza, Italy in an investigation of his suspected participation in a tax fraud scheme.

Kitov has denied any wrongdoing.

The SCC decided on Friday that there is no risk that Kitov will attempt to hide to evade justice. The decision to release him on bail can be appealed in a higher court.

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: Bulgaria, Italy, Kitov, Technomarket, tax fraud, investigation, Sofia City Court, probe, bail

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