Tsvetan Vasilev: Central Bank's Actions on KTB 'Prove Dependencies'

Bulgarian Central Bank BNB's position on the developments at Corporate Commercial Bank (Corpbank or KTB) is a clear sign of the financial authority's "strong dependencies", KTB majority owner Tsvetan Vasilev has said.

In the latest statement [BG] on his personal website, the Bulgarian businessman, whose bank collapsed in June 2014 and was placed under supervision by the BNB over a liquidity crisis, asks whether the central bank's Governor Ivan Iskrov "was not forced into following certain instructions so that frozen operations regarding him and [asset] transfers to a bank on an island whose headquarters is in Africa".

Vasilev believes that Iskrov's dependencies on certain political groups would have been of much interest for an Extraordinary Parliamentary Committee "in a regular state".

In the statement he reiterates his questions about double standards applied to the crises at KTB and First Investment Bank, with the latter having received state support after also undergoing a liquidity crisis.

Doubting about the veracity of an audit conducted at KTB last year, he again cast a shadow of doubt as to whether the BNB's decision to place Credit Agricole Bulgaria, a subsidiary of KTB, under conservatorship alongside KTB itself.

Vasilev reiterates he is to take Bulgaria to "[a court in] Strasbourg" over the case with KTB.

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