Bulgaria Ex-Kremikovtzi CEO Vows Retaliation in Bankruptcy Case

The ex-President of the Bulgarian CSKA Football Club, Alexander Tomov, enters the court Monday morning to be tried for document fraud and embezzlement. Photo by BGNES

The notorious ex-President of the Bulgarian CSKA Football Club, Alexander Tomov, declared he was going to sue all he deems guilty for the demise of the Kremikovtzi steel mill.

Tomov, who is also the former CEO of Bulgaria's troubled and now closed steel mill, made the declaration Monday during the break of the Sofia District Court’s trial against him. He is currently indicted for document fraud and embezzlement of over EUR 5 M from CSKA and BGN 29 M from Kremikovtzi.

Tomov says the mill’s bankruptcy is the result of an official scenario prepared and carried out by people and businesses close to the Bulgarian Socialist Party BSP, including high-ranking political figures.

The former CEO demanded an answer from Bulgaria’s Chief Prosecutor, asking why the authorities are accusing him when under his leadership Kremikovtzi had been a profitable enterprise and just one year later it registered BGN 300 M in losses and no one had attempted to find the really guilty party.

In mid-October, Tomov launched a campaign against the BSP leader and former Prime Minister, Sergey Stanishev. He said then he has a videotape showing how the former PM issued a verbal order to the State Agency for National Security (DANS) to probe the football club, something Tomov says is illegal.

The probe, according to Tomov, concluded with a report which clearly proved there weren't any violations of the law in the club and there certainly wasn't anything that could present a threat to national security.

According to the former CEO, Stanishev and the circle around him attempted to use the same schemes to take over “Kremikovtzi” as they did with CSKA and that both the mill's and the club's financial troubles were staged and Kremikovtzi was forced into bankruptcy.

If proven guilty, Tomov and the other three defendants face between 10 and 20 years behind bars.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!