Trial over Corpbank Siphoning Off Began, Vassilev Asks for Discontinuance

The court sitting on the case for siphoning off of more than BGN 2 and a half billion from the Corporate Commercial Bank on 28^th of February continues for second day In the Specialised Court. The former banker and majority shareholder of the bank, Tzvetan Vassilev and 17 other people are defendants in the process, charged as an organised criminal group.

At the beginning of the sitting, the defence read a letter from Vassilev, who is in Belgrade, and will be tried in absentia, as alleged leader of the criminal group, that siphoned off the 2 and a half billion.

In the letter, the former banker urges the court to discontinue the case. Instead, he said, there should have been a lawsuit for alleged organized bank run to make the bank bankrupt and enrichment through asset plundering. Vassilev claims that the credits referred to in the indictment, which are one third of the Bank's entire portfolio, were operating and complying with the laws. This was reflected in all reports and audits of the Bulgaria’s central bank, BNB. Not a signle coin of these credits went into his pocket or the pockets of any of the other defendants. According to Vassilev, Corpbank’s liquidity has been damaged as a result of the actions of the prosecutor's office and the attacks in certain media.

The court is currently hearing the arguments of the lawyers claiming that the case should be discontinued because serious procedural violations have been committed. They gave examples of how to file a charge in absentia and the prosecution's refusal to interview Vassilev via videoconference.

The indictment for the siphoning off of Corporate Commercial Bank was filed by the Specialized Prosecutor’s Office on 20 July 2017. All copies of the indictment include more than 210,000 pages. 18 persons have ben indicted. The charges pressed against them exceed 5,000 pages.

More than 400 witnesses have been interviewed. Over 90 expert’s reports have been prepared by 27 experts. The collected evidence is in 1,360 volumes.

The former majority shareholder of Corporate Commercial Bank Tzvetan Vassilev and the former deputy governor of Bulgaria’s central bank (BNB), Tzvetan Gounev, are among the indicted.

On 6th of November, 2014, the BNB Governing Council revoked CCB’s banking license. The bank was closed since a bank run in June, 2014.

On 22nd of April 2015, Sofia City Court declared Corporate Commercial Bank (CCB) insolvent and ruled the termination of its activities.

6th of November, 2014 - the day on which CCB’s license was revoked - has been set as the date since the bank has been insolvent.

Former majority shareholder Tzvetan Vassilev is in neighbouring Serbia awaiting a court ruling on an extradition request by Bulgaria.

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