Bulgarian KTB Bank’s executive to be charged by the prosecution

Bulgarian prosecutors are to press charges against Orlin R., an executive director and chairman of the management board of the Corporate Commercial Bank (KTB), the Bulgarian newswire Novinite reported July 12.

“Orlin R. will be charged with misappropriation of a particularly large sum of money in favor of third parties, which, according to Bulgaria’s Penal Code, is a felony,” the newswire reported.

Orlin R. was arrested on Friday, July 11, in connection to the millions of missing Bulgarian levs from the KTB vaults. The money is believed to have been taken out in cash in a sack and given to a third party acting in name of the KTB majority owner, Tsvetan Vasilev, who is also wanted by Bulgarian authorities.  Orlin R. is believed to have personally authorized the cash withdrawal.

On July 11, the KTB cashier Margarita P. was also arrested and placed under 72-hour detention. Margarita P., similarly to Orlin R., was also accused of “misappropriation of particularly large sum of moeny,” and together with Orlin R. is due to be charged with complicity.

Tsvetan Vasilev, a majority shareholder of KTB, is expected to come back to Bulgaria “within the next few days” from Vienna, where he has been since June.

 

Photo courtesy of Borislav Dimitrov.