Bulgaria to Rule on Technomarket CEO's Extradition to Italy

Crime | August 3, 2015, Monday // 09:11| Views: | Comments: 0
Bulgaria: Bulgaria to Rule on Technomarket CEO's Extradition to Italy Photo by BGNES

A Bulgarian Court is to rule on Monday whether to extradite Nikolay Kitov, a Bulgarian entrepreneur whom Italian authorities suspect of involvement in a tax fraud scheme.

Kitov was detained by Bulgarian authorities who acted in compliance with a European Arrest Warrant.

Just a few days after his detention, however, he was released on bail.

It was later reported that, according to Italian prosecutors, he had taken active part in a "carousel" scam. The latter normally involves the so-called "missing traders" used by organized criminal gangs to steal value-added tax (VAT) from governments.

Italian officials suggest the tax scheme might have been worth over EUR 70 M.

Kitov founded Technomarket in 1992 as one of Bulgaria's top retail chains for household electronics.

Crime » Be a reporter: Write and send your article
Tags: Nikolay Kitov, Technomarket, Bulgaria, Italy, carousel, VAT, european arrest warrant
Expats.bg All Are Welcome! Join Now!
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