Bivol Asks New BNB Governor Dimitar Radev about FIB Draining and other “Bad Apples”

As Bulgarians say: New BNB Governor – new luck. Despite the premonition that nothing will change due to the fact that the old team was kept intact, Bivol reiterated the same old questions to BNB to which so far answers have been refused or were passed over in silence. We ask Dimitar Radev specifically and directly the following and his answers will tell it all:

Dear Mr. Radev

Above all, we want to congratulate you for being appointed at such key post and wish you successful and rewarding work.

We are turning to you with a few questions that the previous BNB management refused to answer. We believe that the issues are relevant and of great public interest, moreover because you have personally stated your intention to evaluate the assets of commercial banks.

  1. In a series of investigations Bivol proved that there is evidence of large exposures of First Investment Bank (FIB) to related parties, much higher than the legal limits. Money from depositors is used to finance loss-generating enterprises and the business activity of FIB’s majority shareholders Tseko Minev and Ivaylo Mutafchiev. There is evidence that a large portion of the loans is not being serviced, but they are being renegotiated and extended as was the practice in Corporate Commercial Bank (CCB) before it went bankrupt as a “pyramid”.

Data from these investigations are supported by documents from Bulgarian and foreign official corporate records that can be seen here:

A collection of articles on the topic can be found here:

Question 1 What measures has BNB taken after the publication of these data and what measures it intends to take from this point on?

  1. With a letter with reference number 4702-17218 / October 5, 2012, sent by BNB to the managers of Bivol Ltd., our media was informed that a complaint with registered number 91TBT-0007 / August 9, 2012 from four banks – FIB, Investbank, CCB and Central Cooperative Bank – has been was filed against us. Despite numerous requests, including under the Access to Public Information Act (APIA), the previous management of BNB did not provide the letter to us to find out the exact the content of the complaint.

Question 2: Would you reconsider this decision for refusal and would you grant access to the letter, as well as to information on actions taken by BNB after receipt of the complaint?



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