KTB Owner Mulls Taking AlixPartners to Court

Business | May 10, 2016, Tuesday // 07:55
Bulgaria: KTB Owner Mulls Taking AlixPartners to Court File photo, BGNES

Tsvetan Vasilev, the majority owner of Corporate Commercial Bank (Corpbank or KTB), has said he could file a court claim against UK-based consultancy AlixPartners which in a report accuses him of embezzling billions from his own bank.

AlixPartners was hired by KTB's receivers to trace the assets of the insolvent bank which had collapsed following a run on deposits in June 2014, with Vasilev leaving the country.

The company's report was recently published despite objections from the company raised under confidentiality clauses.

On his blog, Vasilev alleged that AlixPartners might have been employed to create a document that would match the needs of the prosecution.

The businessman, now living in Serbia and awaiting a court decision on an extradition request from Bulgaria, maintains the run and subsequent insolvency of his bank was orchestated by his partner-turned-rival, controversial MP and alleged media mogul Delyan Peevski, and backed by state institutions.

He also reiterated that one of the aims of organizers had been to get hold of the "main assets" controlled by the bank, namely major telecom Vivacom, Technomarket, oil trader Petrol, and many others.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article
Tags: Corporate Commercial Bank, Corpbank, KTB, Tsvetan Vasilev, Delyan Peevski, Alix Partner
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria