Two Bulgarian Bankers Charged With Mismanagement

Bulgarian prosecutors have charged two supervisors of bankrupt Corporate Commercial Bank (Corpbank) with alleged deliberate mismanagement, the Sofia City Court said on Friday.

The court said Elena Kostadincheva and Stanislav Lyutov were charged with alleged intentional failure to properly manage and protect the property in their care between August 20 and November 6 2014, which resulted in a loss of more than 1 million levs (450,108 pounds) to the Bulgarian Deposit Insurance Fund.

Kostadincheva and Lyutov were not immediately available for comment.

The two were “conservators” of Corpbank, who were appointed by the central bank to supervise Corbank, with the right to inspect all its operations.

Corpbank went bankrupt in 2014 after a run on deposits and an international audit showing two thirds of its assets had to be written off due to major failings in the way the bank was run. This triggered the biggest banking crisis in the European Union member country since the 1990s.

Last year, Bulgarian prosecutors said they had indicted the main shareholder of Corpbank Tsvetan Vassilev, two former deputy central bank governors and others over the demise of the Balkan country’s fourth largest lender.

Vassilev has repeatedly denied any wrongdoing and blamed Corpbank’s collapse on a plot hatched by business rivals.

The collapse badly hurt confidence in the banking system and its regulation, prompting the central bank, under a new governor, to tighten supervision rules and carry out an asset quality review of all lenders.

Read More

Enviroment Ministry To Provide 111 Million Levs To Improve Air Quality

The Ministry of Environment and Water (MoEW) announced the procedure through direct award of grants "Measures for improving the quality of the air" totaling...

Bulgarians Are The EU’s Most Efficient Motorway Builders

Regional Development Minister Nikolai Nankov has told the National Assembly that motorways in Bulgaria are built at a price per kilometre that is the...

60% Of Bulgarian Tomatoes Are Imported

Bulgaria remains a net importer of peppers, cucumbers and tomatoes due to the country's low production and the lack of indication of...

Recent

Lukoil Bulgaria Donates Oil Towards Coronavirus Fight

LUKOIL-BULGARIA joins the National Campaign of the Bulgarian Medical Association "FOR THE HEROES IN WHITE" by donating 20,000 liters of fuel. It...

BMW Signs €540m Deal With Chinese Supplier

German automotive giant BMW has announced that it has signed a deal with a Chinese supplier to cover all its lithium needs for battery electric vehicles over the...

Huvepharma To Gain Exclusive Rights To Produce Vaccine For African Swine Fever

The U.S. Department of Agriculture (USDA) said on Monday that it intends to grant Bulgaria's Huvepharma an exclusive license for an experimental African...