KTB majority owner Tsvetan V. to submit rescue plan for the bank and return to Bulgaria
KTB has been put under Bulgarian National Bank’s conservatorship June 20 and remains closed since June 21 following a deposits’ run. The bank’s operations remain frozen and an audit of the bank’s books is still ongoing.
The majority owner of Bulgarian troubled Corporate Commercian Bank (KTB) Tsvetan V. will submit a plan for the banks rescue to the Bulgarian National Bank within next few days, the Bulgarian newswire, Novinite, reported Sept. 9.
“Investors are being currently sought to provide funding that would enable KTB to repay its depositors,” Tsvetan V.’s lawyer Konstantin Simeonov said, as cited by the newswire.
Simeonov also added that Tsvetan V. is currently residing in Serbian capital Belgrade and is willing to return to Bulgaria despite perceiving a threat to his life.
“As the Bulgarian Prosecutor’s Office they know very well where Tsvetan V. is,” Simeonov said, as cited by Novinite. “Tsvetan V. is not hiding, but working on the rescue plan of KTB. This plan will be very difficult to implement if Tsvetan V. is abroad or when he is immediately detained upon his arrival to Bulgaria. Returning to Bulgarian carries a big risk for Tsvetan V., but he is ready to take in order to help to rescue the KTB bank.”
Simeonov also added that he had appealed the detention measures so Tsvetan V. could return to Bulgaria and keep working on rescue of KTB without interfering the ongoing probe and the evidence collection.
KTB has been put under Bulgarian National Bank’s conservatorship June 20 and remains closed since June 21 following a deposits’ run. The bank’s operations remain frozen and an audit of the bank’s books is still ongoing.
Tsvetan V., a majority owner of KTB, is currently being investigated by Bulgaria’s Prosecution Office in connection to missing BGN 206 mln from KTB’s funds and putting the bank under Bulgarian National Bank’s conservatorship. In mid-August, the Bulgarian Prosecution Office issued a European arrest warrant in Tsvetan V.’s name and his name was also added to wanted list in the Schengen information system. Bulgarian authorities claim that Tsvetan V.’s whereabouts remain unknown.
Photo courtesy of Elena Chochkova.
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