Grisha Ganchev, well-known Bulgarian businessman and partner of Great Wall here, who was charged earlier this year with tax frauds, plans to move to Serbia, according to media reports.

Gnchev, who was detained together with his son during the special police operation codenamed "Sugar," reportedly fears greater pressure by the current government, which he claims wants to push him to the brink of bankruptcy.

In Serbia Ganchev plans to continue dealing with sugar, the reports say.

The court has lifted the ban on Ganchev to travel abroad, but still prosecutors commented he can't flee abroad without their consent since he is out on bail.

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.

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.