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
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A view of KTB's headquarters in downtown Sofia. Photo: Hristina Dimitrova
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.
Caretaker Finance Minister Georgi Klisurski said he expects fuel prices at gas stations to ease in the coming period, pointing to a sharp decline in international oil markets
Bulgaria’s new government borrowing for 2026 has surpassed the 1 billion euro mark following the latest successful auction of state securities, according to data cited from the Bulgarian National Bank
Bulgaria recorded only a modest and one-off increase in inflation following the adoption of the euro on January 1, with the effect estimated at between 0.3 and 0.4 percentage points
Data released by the Ministry of Finance, covering budget execution for February 2026 and preliminary estimates for March 2026, indicate a marked deterioration in Bulgaria’s fiscal position
In the 2026 edition of the Index of Economic Freedom, compiled by the Heritage Foundation, Bulgaria is placed 38th out of 176 countries, positioned between Costa Rica and Oman
Finance officials and the Bulgarian National Bank have issued a series of warnings about Bulgaria’s fiscal and economic outlook for 2026, highlighting rising pressure on public finances, slower growth, and higher inflation.
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