Bulgarian Ex-Banker Released from Jail in Advance

Literally overnight, Alexandrov rose from a job as a waiter for Communist Party leaders to his position as a millionaire industrialist. File photo

Former banker Hristo Alexandrov, notorious for bringing Agrobusinessbank to bankruptcy, has been released a few months in advance thanks to his good behavior while behind bars.

Bulgaria’s Supreme Cassation Court was the last to rule on the case in 2010.

The former banker was sentenced to eight years in prison on charges of fund drainage and document frauds.

He has served more than two-thirds of his sentence.

The fraud scheme is a case par excellence of private companies draining state funds. Major state-owned corporations, including Somat transport company and the hard currency stores of Korekom, were shareholders in the company that was incurred financial losses as a result of Alexandrov's activities.

Agrobusinessbank was officially registered on February 18, 1991.

In most cases the money drained from the bank was transferred to companies owned by, or directly connected with, Alexandrov: Fincom, Union Alcom, Financial and Brokerage House of Plovdiv, Stat, Vinialcom, etc.

On June 17, 1996 the central bank BNB established Agrobusinessbank's insolvency. It was declared bankrupt on July 22 the following year.

The BNB acquired Agrobusinessbank on December 1, 1995 for BGN 1.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!