Reuters logo
Prosecutors charge owner of Bulgaria's Corpbank with embezzlement
August 12, 2014 / 2:10 PM / 3 years ago

Prosecutors charge owner of Bulgaria's Corpbank with embezzlement

SOFIA, Aug 12 (Reuters) - Bulgarian prosecutors said on Tuesday they have charged the main owner of Corporate Commercial Bank (Corpbank), Tsvetan Vassilev, with embezzlement and said there was an international warrant out for his arrest.

The bank was hit by a run on deposits in June that led to a banking crisis in Bulgaria. It has remained shut since then.

Vassilev was accused of asking two employees at the troubled lender to withdraw 206 million levs ($140 million) from the bank between 2011-2014.

Prosecutors said these funds were then transferred to another company owned by Vassilev, one of Bularia’s most prominent businessmen, who is currently living outside Bulgaria but whose exact whereabouts are unknown. (1 US dollar = 1.4646 Bulgarian lev) (Reporting by Angel Krasimirov; Editing by Susan Fenton)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below