Wikileaks: Bulgaria Late Top Banker - Top Money Launderer

Diplomacy | July 3, 2011, Sunday // 19:16|  views

Emil Kyulev, one of the richest men in Bulgaria, was being driven to work in Sofia in his BMW sports utility vehicle on October 26, 2005 when, shortly after 9:00 am he was shot and killed by a man hiding in the bushes. Photo by Sofia Photo Agency

Bulgaria's late top banker Emil Kyulev, who was shot dead in 2005, has been described as top money launderer in a diplomatic cable of the US embassy in Sofia, sent on the very day of the murder.

"Reportedly the third richest person in Bulgaria, Kyulev was also known for his high-profile political connections, including his role as a former advisor to President Georgi Purvanov and a major campaign contributor to former Prime Minister Simeon Saxe-Coburg," former American Ambassador John Beyrle writes in the cable, as cited by Wikileaks.

Kyulev's reputation associated him primarily with white-collar crime, according to Ambassador Beyrle.

He makes a detailed portrait of Kyulev and points out that in 2002 he bought the state-owned DZI, Bulgaria's biggest insurance company, and changed Roseximbank's name to DZI Bank, thus forming the country's largest financial group.

"In the process, Kyulev managed to change his image in the eyes of most Bulgarians from that of an inside trader and suspected money-launderer to that of a legitimate businessman," the ambassador writes.

"In an effort to distance himself from the [Vazrajdane Business] Club's notorious members, Kyulev left the organization in 2002. He recently hired a US lobbyist to help him further clean up his image."

According to the American envoy Kyulev's assassination was a significant event on par with Iliya Pavlov's killing in March 2003.

"The timing of the killing further underscores Bulgaria's inaction against organized crime, and is being viewed by many today as a national embarrassment," the ambassador concludes.

A year later Ambassador Beyrle comments once again white-collar crime in Bulgaria and makes a detailed analysis of the country's banking system. In it he describes a few Bulgarian banks as "bad apples".

Emil Kyulev, one of the richest men in Bulgaria, was being driven to work in Sofia in his BMW sports utility vehicle on October 26, 2005 when, shortly after 9:00 am he was shot and killed by a man hiding in the bushes.

Kyulev was the head of DZI Group, the biggest insurance and banking firm in the country, with more than 12,000 employees and USD 585 M in assets. He was close to all the major political parties and served as an economic adviser to President Georgi Parvanov.

His murder was particularly shocking because he did not fit the profile of the smugglers, extortionists and drug dealers who were slain in a boom of organized crime-related deaths at that time.

"The Killers" gang, who are currently standing trial, is believed to be behind several assassinations around the country, including the murder of Emil Kyulev.

FULL text of US Embassy diplomatic cable on Bulgaria's banking sector READ HERE

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Tags: Wikileaks, Bulgarian, Bulgaria, banker, Group, DZI, The Killers, Emil, Kyulev, American, US, ambassador, John, Beyrle, embassy

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