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
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.
Sofia Municipality is set to implement a revised framework for managing its municipal housing stock by introducing two distinct rental categories
Following its earlier confirmation of Bulgaria's credit rating at Baa1, Moody's has revised the outlook for the country's banking sector from stable to positive
Bulgarian garment companies are struggling to find new markets due to the recent increase in tariffs on industrial goods under Donald Trump’s administration
Tourism in Bulgaria has made significant strides toward recovery in 2024, though it still hasn't returned to pre-pandemic levels of 2019
Many home buyers in Bulgaria are increasingly favoring newly built properties
Cryptocurrency has become a significant part of the financial world, but as it grows, so do the questions about Know Your Customer (KYC) requirements.
Google Street View Cars Return to Bulgaria for Major Mapping Update
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