Bulgaria's Anti-Corruption Operation Targets High-Profile Businessman and Seizes Luxury Assets (PHOTOS)

Yesterday, authorities from the Anti-Corruption Commission, along with prosecutors and police, conducted operations at properties and offices linked to businessman Rumen Gaitanski, known as "The Wolf," and former Bulgarian Development Bank (BDB) director Stoyan Mavrodiev. This operation is part of an ongoing investigation into a nearly 150-million leva loan granted to Gaitanski's company by the BDB during Mavrodiev's tenure. The prosecutor's office is expected to provide more details soon.

The loan, issued in 2019, was secured by a company that was dissolved just eight days after receiving the funds. The loan has not been repaid, and the money has moved through several companies, many directly connected to Gaitanski. Notably, 30 million leva of the loan were funneled to a bank where the Varna TPP had obligations—a facility with ties to the honorary chairman of the Movement for Rights and Freedoms (DPS) - Ahmed Dogan. However, years have passed since the funds were transferred, and sources suggest it's unlikely Ahmed Dogan is connected to the scheme.

"The Wolf" (left) and Stoyan Mavrodiev (right)

The Anti-Corruption Commission has been investigating the case for about a month, following a referral from the prosecutor's office in 2021. The former executive director of the BDB, Tsanko Arabadjiev, reported concerns about the loan soon after he joined the bank, noting that the collateral appeared insufficient relative to the loan amount. Although Arabadjiev was questioned as a witness, he said that the prosecutor's office terminated the investigation twice before it was eventually sent back for further investigation by the chief prosecutor.

Questions remain about why the authorities are acting now and why the Anti-Corruption Commission only officially acknowledged on Friday that the loan to Gaitanski's company was under scrutiny. The Commission's press release indicated that legal violations related to the loan had caused significant financial harm to the Development Bank and the state's financial interests. The Sofia City Court has approved the ongoing procedural actions, which include searches at various locations in Sofia and across the country, as well as the seizure of assets. Reporters witnessed several luxury cars being confiscated from a company base associated with "The Wolf."

Simultaneously, anti-mafia officers conducted an operation in Kardzhali, entering the office of "PE Stroi," a company linked to former Arda football club president Petar Peshev, who is associated with six other companies. While there is no official information on this police action, it is known that documents are being examined and witnesses interviewed. Peshev has connections to Gaitanski, and the Anti-Corruption Commission’s Friday announcement mentioned that the sale of a Gaitanski-related company, "Road Construction Engineering," to a Kardzhali-registered firm in July was under investigation.

Political reactions to the operation have varied. GERB leader Boyko Borissov suggested the action could be seen as a political maneuver, while the "We Continue the Change-Democratic Bulgaria" (WCC-DB) parliamentary group has called for the resignation of the acting chairman of the anti-corruption commission, Anton Slavchev. They claim that previous protection over Gaitanski and Mavrodiev has now been lifted. In contrast, Kostadin Kostadinov, leader of the "Revival" (Vazrazhdane) party, found the prosecutor's actions peculiar, and the Bulgarian Socialist Party (BSP) stated they were unaware of the reasons behind the operation.

Investigators have yet to make contact with either Mavrodiev or Gaitanski. Reports suggest that Mavrodiev may be abroad, while Gaitanski, who was also overseas, has since returned to Bulgaria.

Authorities have seized several luxury cars from the base of "Wolf" AD, the company linked to businessman Rumen Gaitanski, known as "The Wolf," following searches conducted by the prosecutor's office, the anti-corruption commission, and the police in Sofia yesterday. According to BGNES, the confiscated vehicles include high-end models such as Bugatti, Rolls-Royce, and Mercedes. Investigators believe that these cars were purchased using funds from a loan provided by the Bulgarian Development Bank (BBR).

The operation began with a search of a pink building on Oborishte Street in central Sofia. Afterward, investigators proceeded to a location on Tsarigradsko Shose Boulevard, where they discovered three of the luxury cars parked in one of the premises. The audited company reportedly owns a total of 30 luxury vehicles, and the court has ordered the confiscation of eight of them. While the first three vehicles have already been taken, authorities are still searching for the remaining five.

At this time, there is no court order authorizing the seizure of the additional vehicles. According to operational information obtained by BNT, after Gaitanski returned to Bulgaria on Friday, he left the country again two days later, heading to Greece.