Report on Bulgaria's Collapsed CorpBank to Be Unveiled Next Week

Finance | February 20, 2016, Saturday // 10:49|  views

Bulgarian Prime Minister Boyko Borisov has asserted that the report prepared by an international consultancy that is tracing unlawfully used assets of Corporate Commercial Bank (Corpbank or KTB) will be made public on Monday.

Borisov has told the Bulgarian National Television that the global consulting firm AlixPartners granted its consent in a telephone conversation.

The report will be delivered to the Bulgarian Parliament's secret registry, which is not accessible to the general public but whose files can be viewed by all lawmakers.

The move will allow "everyone in this heterogeneous Parliament to read it and tell about it," Borisov has argued.

Earlier in February, Bulgaria's Finance Minister Vladislav Goranov urged AlixPartners Services UK LLP to agree to disclose the report.

AlixPartners was hired in June of last year by KTB's assignees and tasked with carrying out an investigation into the alleged violation of good banking practices of which the government is now accusing KTB.

KTB was exposed to a bank run and placed under special supervision by the Bulgarian National Bank (BNB) in June of 2014.

Since then, the prosecuting authority of Bulgaria several governments in a row have maintained its majority owner Tsvetan Vasilev should be held accountable for the embezzlement of assets worth millions of BGN, while the bank allegedly mismanaged billions in other funding.

Some lawmakers argue the bank acted as a "pyramid scheme", an allegation Vasilev has consistently denied.

In Borisov's words, the government is trying to make sure the report can also be made fully public and uploaded on the Finance Ministry's website.

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

Tags: Boyko Borisov, Vladislav Goranov, Corporate Commercial Bank, KTB, Corpbank


» Related Articles: