April 5, 2016 (BNT News) – On 3rd of May, the receivers of the insolvent Corporate Commercial Bank (CCB) published a translation in Bulgarian of the report prepared by AlixPartners Services UK LLP on tracing the assets of the bank. The report, which includes over 500 pages of conclusions, was published on the CCB’s website.
The audit confirms that the bank functioned as a financial pyramid and describes the siphoning off schemes.
The report says that CCB was siphoned off through large loans to companies related to the majority shareholder Tzvetan Vassilev. More than half of the loans at the value of 2,5 billion BGN were given to companies related to Vassilev. The report also shows that the majority shareholder also used the bank for “personal transactions”. 243 corporate clients of the bank had 472 outstanding loans. These loans, according to the auditors, are unlikely to be recovered, because they were given to non-functioning enterprises or had little collateral. The loans were used to settle other loans to CCB or to finance people who were not CCB’s clients.”Final Report to the Receivers of KTB BG