Bulgaria seizes assets of KTB officials

Bulgaria’s prosecution office announced Aug. 26 that the Sofia City Court has seized the assets of  Corporate Commercial Bank (KTB) officials, including the bank’s majority shareholder Tsvetan V., the Bulgarian newswire, Sofia Globe, reported Aug. 26.

 “The court order was issued Aug. 22 at the prosecutors’ request,” the prosecution stated, as cited by the newswire. The prosecution did not provide any additional information regarding the estimated value of the seized assets.

 The seizure is the most recent development in the ongoing investigation on the circumstances that led KTB being put under Bulgarian National Bank conservatorship on June 20.

 Although no formal charges have been filed as yet, Tsvetan V. is suspected of siphoning off BGN 206 mln from the bank with help of other CCB officials. Earlier this month, a European arrest warrant was issued in Tsvetan V.’s name. His name was also added to wanted list in the Schengen information system and he is expected to be included on the Interpol wanted list shortly.

 Tsvetan V.is currently outside Bulgaria and his whereabouts are unknown.

Photo courtesy of Chris Potter.