Bulgarian Court Sentences Businessman Connected to 'Killers'

Bulgarian businessman Georgi Valev, who was arrested in connection to "The Killers" gang, was sentenced to 3 years imprisonment with 5 years probation. Photo by BGNES

The Veliko Tarnovo District Court has ruled that the businessman Georgi Valev, who was arrested in connection to the Bulgarian police operation "The Killers", is guilty on charges of breach of trust.

The accusation against Valev stated that while serving as a proxy of some of the former shareholders of Trakiya Bank, he knowingly acted against their interests and caused them damages amounting to BGN 23,000.

His brother, Tanyo Valev, is one of the founders of Trakiya Bank.

On Wednesday, the magistrates imposed a conditional sentence on Valev – three years imprisonment with five years probation.

The businessman, who was arrested in October 2010, has suspected that former shareholders of Trakiya Bank in Plovdiv, co-shareholders of his brother, were behind the accusations.

"Me and my former lawyer Plamen Lukov had started civil cases for money against them. Georgi Stoychev and Georgi Trifonov have organized this campaign against me. They have an interest in this negative PR against me, in order to stop the lawsuits against them. They owe about BGN 8,5 M," Valev said.

On Wednesday, the businessman was brought to Veliko Tarnovo from the arrest in the Bulgarian city of Shumen, where he has been detained on charges of ordering the murder of local businessman Rumen Rachev and the lawyer Petar Lupov, who defended some of the shareholders of Trakiya Bank.

"The Killers" gang is believed ti be behind these and several other assassinations around the country. The police have detained the President of the Bulgarian Sumo Federation, Petar Stoyanov, Petar Atmadzhov, Yordan Kolev aka Dancho Salmanskiya, and two other men, believed to be part of "the Killers."

The 52-year-old Valev is the owner of "Izvora", one of the largest hotel complexes in the village of Arbanasi, in the Veliko Tarnovo municipality. He owns other hotels and restaurants as well and is the president of local football club "Lokomotiv".