Bulgaria FinMin Sends to Parliament AlixPartners' Report on KTB

Business » FINANCE | February 23, 2016, Tuesday // 17:08
Bulgaria: Bulgaria FinMin Sends to Parliament AlixPartners' Report on KTB

Bulgaria’s Finance Minister Vladislav Goranov has sent to Parliament the report of AlixPartners Services UK LLP report on tracking the assets of insolvent Corporate Commercial Bank (KTB).

The report, prepared for the KTB receivers, had been sent to the parliament’s secret registry after the London-based international consultancy responded to the Finance Ministry request to disclose the contents of the report to Bulgarian lawmakers, the Finance Ministry said in a statement on Tuesday.

The Bulgarian Parliament's secret registry is not accessible to the general public but files in it can be reviewed by lawmakers.

In a letter to the receivers and the Finance Ministry AlixPartners state that the confidentiality clauses of the report should be complied with in the interest of recovering the assets of the insolvent bank.

The report has been classified as ‘strictly confidential’ and containing ‘commercially sensitive information’ because it "includes a considerable amount of personal data on KTB customers and their accounts, AlixPartners said in their letter.

Yet, in order to satisfy the public interest, the international consultancy has “reluctantly expressed their willngness to agree that the report might be released on a limited basis to the Bulgarian Parliament’s ‘Security Department’ / ‘Secret registry’ only”. Alix Partners also make clear in their letter that the report can not be copied and/or distributed outside the parliament’s secret registry.

The release of the report, “whether publically or on a limited basis risks significantly damaging the process of recoveries to the detriment of the Republic of Bulgaria and its citizens,” AlixPartners said.

The agreement to disclose the contents of the report to elected MPs “extends only to the English language version of the report” provided to KTB receivers, Alix Partners said, adding that the consultancy had not and would not “authorise any existing Bulgarian language version” of the document.

The Finance Ministry recalled that KTB receivers had contracted AlixPartners in June 2015 to track assets, which KTB had administered in violation of the law and good banking practices, and recommend recovery options. The report was submitted to the KTB receivers on 23 September 2015.

The full text of the letter of AlixPartners is available here.


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Tags: Goranov, Finance Ministry, report, Alixpartners, KTB, Bulgaria
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