Vivacom

Bulgarian businessman Tsvetan Vasilev drained BGN 2.5 B out of his own bank through special purpose vehicles, consultancy firm AlixPartners says in a report made public on Tuesday.

The report had been ordered by officials to track down the assets of Bulgaria's fourth-largest lender after its insolvency was declared in 2014.

Although Bulgaria's internet service providers are generally not infiltrated by "organized crime or corrupt politicians", fears are growing that a Russian businessman might get a hold of the biggest Bulgarian telecom, a recent analysis argues.

The Bulgarian businessman Spas Rusev has reportedly acquired the leading Bulgarian telecommunications company Vivacom after a bidding, which lasted for nearly sixteen hours.

According to media reports, he won the auction by offering EUR 330 M, Darik radio reports.

The other bidder was the Greek businessman Panos Germanos, who is owner of the Olympia Group.

Three potential buyers have placed binding bids for Bulgaria's Vivacom by Thursday's deadline, Sofia-based Capital weekly reported.

VTB Capital plc announced Wednesday it had hired one of the big four audit, consulting and advisory services firms to advise on the immediate sale of the leading Bulgarian telecom operator Vivacom.

VTB is currently a security agent for a EUR 150 M bridge loan to the indirect holding company of ("BTC EAD") Vivacom - Luxembourg-based Investment S.a.r.l (InterV).

The Bulgarian National Revenue Agency has impounded assets operated by firms connected to Tsvetan Vasilev, majority owner of collapsed Corporate Commercial Bank (Corpbank or KTB).

The shares of a company owning several hotels have been impounded, Pressa daily reported.

Paris-based LIC33, a private capital investment company, has acquired 43% of Bulgaria's telecommunication operator Vivacom (www.vivacom.bg) and about 91% each of ammunition plant Dunarit (http://www.dunarit.com) and military aircraft repair plant Avionams (

The LIC 33 group, comprising investors from the EU, is acquiring control of Bulgarian telecommunication operator Vivacom and other leading companies in the country, dnevnik.bg reported on Wednesday.

LIC 33 will acquire majority stakes in Vivacom and other Bulgarian companies, according to the news daily. The names of the other companies weren't disclosed.

Bulgaria's largest telecommunications company Vivacom suffered a major outage on Tuesday, leaving its subscribers without access to their mobile phones and the Internet.

Representatives of Vivacom have announced for NOVA TV that such a problem existed and crews were working on fixing it.

Bulgaria's Supreme Administrative Court (VAS) has upheld unfair commercial practice accusations of the consumer protection watchdog against telecom operator Vivacom.