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

Ministry Of Economy Confirms Fuel Act To Come Into Force 1st July 2019

The Ministry of Economy has proposed an extension of the amendments to the Fuel Act, reported NOVA TV. The Government approved a draft Law on...

Billie Eilish’s Bad Guy Is Announced As Best-Selling Song For 2019

The hit "Bad Guy", with which the young American singer Billie Eilish became famous, was announced as the top global single for 2019 by the International Federation...

Residential Buildings Increased By 10 In Second Quarter

New residential buildings completed in Bulgaria in the second quarter of 2019 increased by 10.5% on the year to 632, the National...

Recent

EC Will Provide Funding Of €45 Million For Coronavirus Research

The European Commission has announced that it is providing up to € 45 million for the development of new ways to detect and treat...

Petkova: Russia Key Energy Partner

The excellent collaboration between the Kozloduy NPP and the Rosatom State Corporation continues in the implementation of the program for the modernization...

Notorious Bulgarian Tech Cracker Arrested

PC gamers are all too aware of Denuvo, an invasive anti-tamper technology used by games publishers to prevent piracy. While perceived to be unbreakable, it...