Court authorizes European arrest warrant for former banker Tzvetan Vassilev

Sofia Appellate Court on January 30 issued a final ruling authorizing the Prosecutor’s office to issue a European Arrest Warrant (EAW) for former banker Tzvetan Vassilev, accused of money laundering in Bulgaria..

The court thus upheld the decision of the first instance court. According to the magistrates of the second instance, this is the only possible measure that could ensure the normal conduct of the proceedings against Vassilev.

Besides this, there is a reasonable assumption that he is involved in the offences with which he has been charged. The court took into account that Vassilev is in Serbia. He may abscond unless a EAW is issued, the court concluded.

Source: BTA

***

Former banker and majority shareholder of Corporate Commercial Bank, Tzvetan Vassilev, is wanted in connection to the investigation into the collapse of Bulgaria’s fourth largest lender Corporate Commercial Bank (Corpbank). The bank collapsed in 2014

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

Court of Serbia denied the extradition of former banker Tzvetan Vassilev to Bulgaria

Eighteen people faced court trial. They were charged as an organized crime group. According to the Prosecution, Tzvetan Vassilev was allegedly the leader of the criminal group. The trial against him proceeds in abstentia.

Corporate Commercial Bank, Bulgaria’s fourth-largest lender by assets at the time, was placed under special supervision of the Bulgarian National Bank on June 20, 2014, following a bank run. On 6th of November, 2014, the BNB Governing Council revoked CCB’s banking license.

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

The indictment for the siphoning off of Corporate Commercial Bank was filed by the Specialised Prosecutor’s Office on 20 July, 2018. All copies of the indictment included more than 210,000 pages. 18 people have been indicted. The charges pressed against them exceed 5,000 pages.

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

Vassilev was indicted on a total of 146 counts. He and the other defendants are alleged to have embezzled a total 2.56 billion BGN. He is also alleged to have led an organised crime group.