Bulgarian National Bank

Bromak EOOD, the majority owner of insolvent Corporate Commercial Bank (KTB), is lodging a complaint with what it calls "another gross violation of national and EU law", the company says in a statement.

Bromak EOOD, the majority owner of collapsed Corporate Commercial Bank (KTB or Corpbank) and its executive officers are appealing last week's court ruling which declared the bank insolvent.

This was revealed by Menko Menkov, a lawyer for Bromak which is owned by Bulgarian businessman Tsvetan Vasilev.

The Sofia City Court has declared the state of bankruptcy of Bulgaria's Corporate Commercial Bank (KTB) and announced the initial date of its insolvency was November 6, 2014.

The report on the activities of the State Agency for National Security (DANS) in 2013 containing information on the financial stability of Bulgaria has not been presented in the Council of Ministers to the National Asembly.

The announcement was made to the Chair of the Temporary Commission on Corporate Commercial Bank, Desislava Atanasova.

Bulgarian prosecutors have accused a central bank official of deliberately failing to exercise proper supervision over the lending operations of collapsed Corporate Commercial Bank.

Bulgarian prosecutors on Wednesday brought criminal charges against three officials who had conducted audits of Corporate Commercial Bank from January 2009 until the bank's collapse in June 2014.  

Bulgarian prosecutors have brought criminal charges against a former senior BNB official for suspected failure to exercise proper control over operations of Corporate Commercial Bank (KTB).

Rumen Simeonov, who served as deputy governor of Bulgarian National Bank (BNB) in charge of the banking supervision department from 2007 to 2013, was charged with abuse of office.

Bulgarian businessman Tsvetan Vasilev has argued that an attack was carried out on his bank by an insider, but the scenario
for bringing it to a failure was prepared "outside."

Bulgaria's Finance Minister Vladislav Goranov has suggested that a decision on appointing a new Governor of the Bulgarian National Bank (BNB) should be in place by end-April.

Lawmakers in Bulgaria gave on Wednesday the green light to changes to the Bank Insolvency Act allowing for a temporary assignee to manage the assets of troubled Corporate Commercial Bank (Corpbank or KTB).

Prior to the amendments, such a development contravened the legislation, which had required that a court decides to open insolvency proceedings first.