Son of Bulgarian Oligarch Released on BGN 100 000 Bail

Grisha Ganchev faces charges of running an organized crime group specialized in tax fraud and with issuing a murder threat. Photo by BGNES

Danail Ganchev, the son of famous Bulgarian businessman Grisha Ganchev, was released Friday by the Specialized Criminal Court on a BGN 100 000 bail.

Grisha Ganchev is the owner of the Litex FC and the Litex company, based in the northern Bulgarian city of Lovech.

As of the end of 2011, Ganchev's joint venture with the Chinese company Great Wall Motors, Litex Motors, started the production of Chinese cars for the EU market in the Litex Motors factory near Bulgaria's Lovech, in the village of Bahovitsa.

At the end of May, Grisha Ganchev was arrested and charged with running an organized crime group specialized in tax fraud and with issuing a murder threat.

The businessman was subsequently released on a bail of BGN 500 000.

Ganchev is believed to be the mastermind of a six-strong group that was busted on May 11 after a joint operation of the Chief Directorate for Combating Organized Crime (GDBOP) and the National Revenue Agency (NRA).

The special police operation resulted in six arrests, including Grisha Ganchev's son, Danail Ganchev.

Danail Ganchev, Milko Talev, Ivaylo Talev, Todor Simeonov, Milko Dimitrov and Kameliya Mircheva were charged with large-scale tax evasion and participation in organized crime.

On Friday, the Specialized Criminal Court released Milko Dimitrov on a bail of BGN 100 000.

According to the magistrates' ruling, there is no evidence indicating that Danail Ganchev and Milko Dimitrov pose a real threat to society or that the two are likely to go into hiding.

The Specialized Criminal Court further imposed bails amounting to a total of BGN 20 000 for the two other defendants, Ivaylo Talev and Kamelia Mircheva.

The decision is not final and can be protested before the Specialized Appellate Court.

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