Bulgarian Oligarch's Bail Almost Halved

The Bulgarian court decided to reduce the bail of famous businessman Grisha Ganchev from BGN 500,000 to BGN 300,000.

End of May Ganchev was arrested and charged with participating in an organized crime network engaged in massive tax evasion.

In addition, the businessman, who owns the Litex consortium, was also charged with issuing a murder threat.

For reducing the inital bail amount, the court argued that the fact that Ganchev is a public figure and his personal character make it improbable that he would seek to hide himself from justice.

The famous businessman's lawyer has dismissed the charges as legally groundless, fabricated and motivated by private interests.