Bulgaria Arrests Weapons Holding Director

The CEO of the Bulgarian Weapons' Holding was arrested Wednesday over charges of large-scale embezzlement. Photo by Sofia Photo Agency

The CEO of the Bulgarian Weapons Holding, TEREM, Zhechko Petrov, has been arrested Wednesday, the Sofia Prosecutor's Office announced.

The Sofia City Prosecutor, Nikolay Kokinov, informed that Petrov has been charged with abuse of power and large-scale embezzlement.

The investigation against the CEO is for BGN 19 M from the Holding's dividends, which are missing.

The BGN 19 M had to be deposited in the State Budget along with interest, but they never were, a checkup of the Finance Ministry and National Revenue Agency revealed. In August they send the information to the Prosecutor's Office for investigation.

As result, Petrov was summoned Wednesday to appear at the Sofia City Investigation Office and has been arrested upon arriving there.

Petrov was appointed CEO of the TEREM Holding one year ago by then Defense Minister, Nikolay Tsonev. TEREM is a company including 8 Bulgarian plants for weapons' repair.

 

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