Run on Bulgaria’s KTB Was “Raiders’ Attack”, Majority Owner Tells Serbian Court

Crime | March 16, 2016, Wednesday // 21:06
Bulgaria: Run on Bulgaria’s KTB Was “Raiders’ Attack”, Majority Owner Tells Serbian Court

Belgrade High Court interrogated on Wednesday Tsvetan Vasilev, the majority shareholder of Bulgaria’s insolvent Corporate Commercial Bank (Corpbank or KTB), in relation to an extradition request from the Bulgarian authorities.

Bulgaria has been seeking Vasilev’s extradition for a year and a half now to face charges of embezzling BGN 206 M from the bank which collapsed following a run on deposits in June 2014. Yet, no indictment has been filed.

The court hearing has taken place behind closed doors and lasted over an hour, according to Sofia-based Nova TV channel.

The bank run had been “a typical raiders' attack, naturally it was well-motivated politically and backed by all state institutions, and particularly by the prosecutors," Nova quoted Vasilev as saying to reporters on his way out of the courtroom after the hearing

The next hearing is scheduled for 6 April. There is no deadline for the Belgrade High Court to rule on the extradition request.

If the court grants the request, Vasilev can appeal the ruling at the Court of Appeals. If the appeal is rejected, Serbia’s Justice Minister will have the final say on the extradition request.

As of Wednesday, no indictment has been submitted to court by the Bulgarian prosecuting authorities who are waiting for Vasilev's return to do so. The deadline for filing an indictment will expire in July.




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Tags: Bulgaria, KTB, Corpbank, Vasilev, Belgrade High Court, indictment
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