Court of Appeals Exonerates Bulgaria's Ex SAPARD CEO

Former CEO of the State Fund Agriculture, Asen Drumev, appeared in the courtroom to hear his not-guilty verdict hours later. Photo by BGNES

The Sofia Court of Appeals declared Wednesday the former CEO of the State Fund Agriculture, Asen Drumev, not guilty on all counts.

Drumev was sentenced in March, 2010 by the Sofia City Court to four years behind bars on charges he has signed deals that were unfavorable for the Fund, the State and the State budget, and of embezzling BGN 48 M from the EU SAPARD program.

"I am innocent; I have not committed any crimes. I failed to grasp since the beginning what I have been accused of, and I still have no idea," Drumev told the magistrates.

After the Court's rule, he stated the verdict is victory for Bulgaria because if he was declared guilty, the country would have been forced to refund the EU for the alleged embezzled amount.

The rule can be appealed in a 15-day deadline with the Supreme Court of Cassations.