Balgarianovinite.com The results of an investigation by consultants AlixPartners Services UK LLP, the company hired by the Bulgarian Deposit Insurance Fund to track and recover money from the insolvent lender, Corporate Commercial Bank, the fifth-largest bank in Bulgaria, based on assets, at the time, were made public after Parliament mandated it despite the consultant’s opposition in May 2016. The report claimed that companies directly or indirectly linked to Tsvetan Vassilev, Corpbank’s majority shareholder and chief executive, received an estimated BGN 2.5 billion, or about EUR 1.3 billion, in loans from the bank.
In August 2014, an international arrest warrant was issued for Vassilev. A month later, Vassilev turned himself in to authorities in Serbia. Vassilev currently lives in exile in Serbia where he was granted political asylum.
In July 2017, Bulgaria’s prosecution service lodged court action against Vassilev and 17 other defendants, mostly former senior Corpbank employees but also two auditors from KPMG Bulgaria and three former Bulgarian National Bank employees, including former deputy governors in charge of bank supervision.
Following is the BTA English Language Service’s report on May 3, 2016:
AlixPartners’ Report on Corpbank Published in Bulgarian
Sofia, May 3 (BTA) – Tsvetan Vassilev, the majority owner of Corporate Commercial Bank (Corpbank) which collapsed in 2014, and his associates received most of the bank’s loans, Bulgarian National Television said, quoting a report by AlixPartners Services UK LLP. It says Corpbank, formerly Bulgaria’s fourth biggest lender, was involved in investments and deals to its own detriment. Large sums were siphoned from it on several occasions through those transactions.
The trustees in bankruptcy published the Bulgarian translation of the report on the bank’s website on Tuesday afternoon. The report contains the names of the main companies and schemes involved in Corpbank’s siphoning since 2009.
The 575-page report also says that 243 corporate clients held nearly 500 outstanding loans. The auditors expect the trustees to recover 800 million leva at the most within a 12-month period.
The Bulgarian Deposit Insurance Fund repaid 3.6 billion leva in guaranteed deposits with Corpbank.
AlixPartners Services UK was hired in June 2015 by the trustees in bankruptcy to track and recover the failed bank’s assets. The firm submitted its report on September 23, 2015. On April 14, 2016, Parliament amended the Bank Bankruptcy Act to allow for the disclosure of the report notwithstanding the contractual confidentiality clauses.
Analysis of Corpbank’s activity since 2009 shows widespread use of loans to borrowers as a conduit for financing wrongfully or illegally siphoned from the bank, according to the report quoted by mediapool.bg. Apparently, in most cases the majority shareholder and his associates benefited from this.
In July 2014, the Bulgarian prosecution authorities charged Vassilev, who is now in Serbia, with embezzling 206 million leva from Corpbank. VI/DS,DD May 3, 2016: AlixPartners’ Report on Corpbank Published in Bulgarian 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-05-03 09:56:00 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law