Trial over Corpbank Siphoning Off Began, Vassilev Asks for Discontinuance

Business » FINANCE | February 28, 2018, Wednesday // 13:50
Bulgaria: Trial over Corpbank Siphoning Off Began, Vassilev Asks for Discontinuance archive

The court sitting on the case for siphoning off of more than BGN 2 and a half billion from the Corporate Commercial Bank on 28th of February continues for second day In the Specialised Court. The former banker and majority shareholder of the bank, Tzvetan Vassilev, and other 17 people are defendants in the process, charged as an organised criminal group.

At the beginning of the sitting, the defence read a letter from Vassilev, who is in Belgrade, and will be tried in absentia, as alleged leader of the criminal group, that siphoned off the 2 and a half billion.

In the letter, the former banker urges the court to discontinue the case. Instead, he said, there should have been a lawsuit for alleged organized bank run to make the bank bankrupt and enrichment through asset plundering. Vassilev claims that the credits referred to in the indictment, which are one third of the Bank's entire portfolio, were operating and complying with the laws. This was reflected in all reports and audits of the Bulgaria’s central bank, BNB. Not a signle coin of these credits went into his pocket or the pockets of any of the other defendants. According to Vassilev, Corpbank’s liquidity has been damaged as a result of the actions of the prosecutor's office and the attacks in certain media.

The court is currently hearing the arguments of the lawyers claiming that the case should be discontinued because serious procedural violations have been committed. They gave examples of how to file a charge in absentia and the prosecution's refusal to interview Vassilev via videoconference.

Source: The Bulgarian National Television 

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Tags: Belgrade, Tsvetan Vasilev, Corpbank, Corporate Commercial Bank (KTB), trial
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