Corporate Commercial Bank Begins Payments to Creditors After 10-Year Bankruptcy
Trustees of Corporate Commercial Bank (CCB), currently in bankruptcy, announced the commencement of payments to creditors starting at 09:00 on November 5, 2024
Bulgarian Chief Prosecutor Sotir Tsatsarov has said the Corporate Commercial Bank (Corpbank or KTB) failure case will be submitted to the the Specialized Criminal Court in February or March.
Tsatsarov's comment, which comes amid a domestic spat over claims hurled by Vasilev about relations between politicians and businessmen in Bulgaria, also coincides with a statement from the banker, quoted by private bTV station.
Vasilev was the majority owner of Corporate Commercial Bank (Corpbank or KTB), which collapsed in the summer of 2014 following a bank run and was later declared insolvent.
He is sought by Bulgarian authorities on embezzlement charges and is facing an extradition request, with the trial against him expected to be launched again and a new ruling expected in 2017. An earlier court move to grant the extradition request was overruled by a higher instance.
BTV on Thursday quoted Vasilev as saying he was ready to cooperate with the country's prosecution if it decided to launch a probe into his claims.
An investigation has been backed by several judicial officials, such as the country's "top judge", Lozan Panov, but is strongly resisted by Tsatsarov, who maintains his widely publicized claims are a mere attempt at averting the consequences of the upcoming KTB trial.
In recent weeks, Bulgaria has seen a noticeable uptick in demand for euro banknotes
The adoption of the euro in Bulgaria is not expected to cause fast loans to become more expensive
Although converting leva into euros may appear straightforward - just divide by the fixed rate of 1.95583 - reality brings far more complexity
The Bulgarian National Bank will stay the course with its conservative and stability-oriented monetary policy even after the country enters the eurozone
The demand for euros in Bulgaria has surged by about 50%
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