Bulgaria's Specialized Appellate Court released Friday afternoon Danail Ganchev, the son of famous Bulgarian businessman Grisha Ganchev, canceling the BGN 100 000 bail previously imposed on him.

Grisha Ganchev is the owner of the Litex FC and the Litex company, based in the northern Bulgarian city of Lovech.

As of the end of 2011, Ganchev's joint venture with the Chinese company Great Wall Motors, Litex Motors, started the production of Chinese cars for the EU market in the Litex Motors factory near Bulgaria's Lovech, in the village of Bahovitsa.

At the end of May, Grisha Ganchev was arrested and charged with running an organized crime group specialized in tax fraud and with issuing a murder threat. His

The businessman was subsequently released on a bail of BGN 500 000.

Ganchev is believed to be the mastermind of a six-strong group that was busted on May 11 after a joint operation of the Chief Directorate for Combating Organized Crime (GDBOP) and the National Revenue Agency (NRA).

The special police operation resulted in six arrests, including Grisha Ganchev's son, Danail Ganchev.

Danail Ganchev, Milko Talev, Ivaylo Talev, Todor Simeonov, Milko Dimitrov and Kameliya Mircheva were charged with large-scale tax evasion and participation in organized crime.

On Friday, however, the Specialized Appellate Court also released without any bail the other suspects - Milko Talev, Ivaylo Talev, Todor Simeonov, Milko Dimitrov and Kameliya Mircheva.

The Court has ruled that the investigators have collected a lot of evidence but they are not sufficient to conclude that the suspects had committed the respective crimes.

A week ago, in addition to Danail Ganchev, the Specialized Criminal Court released Milko Dimitrov on a bail of BGN 100 000. The Specialized Criminal Court had further imposed bails amounting to a total of BGN 20 000 for the two other defendants, Ivaylo Talev and Kamelia Mircheva.

The defendants subsequently appealed their bails to the Specialized Appellate Court.