Bulgarian Prosecution Suspects KTB Conservators of Deliberate Mismanagement

Sofia City Prosecutor's Office launched on Monday an investigation against the conservators at the insolvent Corporate Commercial Bank (KTB) for deliberate mismanagement.

Elena Kostadinchev and Stanislav Lyutov are suspected of deliberately mismanaging KTB in the period between November 2014 and 26 March 2015, in their capacity as conservators.

As a result of their mismanagement, the bank incurred considerable losses, the prosecutor's office informs.

It has been ordered for all contracts, which were concluded with the bank at preferential interest rates and in violation of the Bank Insolvency Act, to be examined.

The depositors, who received funds under the privileged deposits, and related officials will be interrogated.

The prosecution will request the complete documentation related to the release of funds under the contracts as well as the contracts themselves and a judicial-financial expertise had been ordered.

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