Bulgarian Supreme Court Starts Trial against Revocation of License of Corpbank

Tsvetan Vasilev, owner of Bromak EOOD and majority shareholder of Corporate Commercial Bank (KTB), photo by BGNES

Bulgaria’s Supreme Administrative Court (VAS) is to hold the first sitting on the case against the revocation of the license of Corporate Commercial Bank AD (KTB, Corpbank) on Monday.

The lawsuit initiated by shareholders and depositors of the bank, including Bromak EOOD, majority shareholder of Corporate Commercial Bank AD, owned by Tsvetan Vasilev.

The lawsuit appeals the decision of the Bulgarian National Bank (BNB) from November 6, 2014 to revoke the license of KTB.

Bromak EOOD is expected to request an appraisal by international experts of BNB’s decision.

The bankruptcy proceedings for KTB at the Sofia City Court have been stopped since November 24 until the settlement of the case at VAS.

The legal defender of Bromak, Menko Menkov, has invited ambassadors and MPs to attend Monday’s sitting of the Supreme Administrative Court (VAS).

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