KTB Owner Mulls Taking AlixPartners to Court

Business | May 10, 2016, Tuesday // 07:55
Bulgaria: KTB Owner Mulls Taking AlixPartners to Court File photo, BGNES

Tsvetan Vasilev, the majority owner of Corporate Commercial Bank (Corpbank or KTB), has said he could file a court claim against UK-based consultancy AlixPartners which in a report accuses him of embezzling billions from his own bank.

AlixPartners was hired by KTB's receivers to trace the assets of the insolvent bank which had collapsed following a run on deposits in June 2014, with Vasilev leaving the country.

The company's report was recently published despite objections from the company raised under confidentiality clauses.

On his blog, Vasilev alleged that AlixPartners might have been employed to create a document that would match the needs of the prosecution.

The businessman, now living in Serbia and awaiting a court decision on an extradition request from Bulgaria, maintains the run and subsequent insolvency of his bank was orchestated by his partner-turned-rival, controversial MP and alleged media mogul Delyan Peevski, and backed by state institutions.

He also reiterated that one of the aims of organizers had been to get hold of the "main assets" controlled by the bank, namely major telecom Vivacom, Technomarket, oil trader Petrol, and many others.

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Tags: Corporate Commercial Bank, Corpbank, KTB, Tsvetan Vasilev, Delyan Peevski, Alix Partner

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