The Acting Deputy Governor of the central bank (Bulgarian National Bank, BNB), in charge of the Banking Supervision department, Nelly Kordovska, had withdrawn her savings from Corporate Commercial Bank (CCB) one day before she placed the Bank under special supervision, financial journalist Miroslav Ivanov wrote in his blog Financial Sense. He supports his claims with a printout from CCB. Bivol is reprinting the article with the permission of the author. An interesting question further emerges – where Kordovska moved her money and whether they are in another supervised bank, for which, according to sources of Bivol, she can also be implicated in conflict of interest.

Documents from CCB show that Kordovska has withdrawn in cash at a teller counter over 64 thousand euro on May 19, 2014. This is the day before BNB placed CCB under special supervision.

At that time Kordovska was already Acting Deputy Governor of BNB in charge of the Banking Supervision department because at the time Tsvetan Gunev, who held the post, has been already removed from office.

In other words, one day before she decided to stop all operations in CCB, Kordovska lined up at the teller counter of the bank and withdrew all her savings.

It is further arguable whether the operation occurred within the normal business hours of the Bank or if they have been extended especially for Kordovska.

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If this is not an example of conflict of interest and use of official position for insider trading, what should it be?

That same Kordovska, who, once she protected her own money in the Bank, left thousands of depositors in CCB without access to their personal accounts for six months.

That same Kordovska, who for six months kept dismissing as frivolous all proposals for the rescue of CCB by shareholders, investors and the State.

That same Kordovska, who is also a Member of the Management Board of the Fund for Deposits Guarantee and as such had the right to designate a trustee in CCB.

This means that once she protected her own deposit, she could indirectly affect the performance of the Bank’s assets.

Actually Kordovska’s behavior illustrates the rotten system of banking supervision in Bulgaria; a system that can only be influenced by its “added value”.

It is somehow logical that her behavior should lead to the prosecution showing some interest. It sounds utopian, but I will still ask:

– Is the prosecution going to be interested in Nelly Kordovska, at least on the same level as it was in her predecessor Tsvetan Gunev?

– Has any investigation in Kordovska’s activities in the direction of conflict of interest been launched?

– If not, are Chief Prosecutor Tsatsarov’s subordinates planning any action in this direction?

Blog Financial Sense

 

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