What is Written in Deposit Insurance Fund’s Request for Proposal in Failed Lender Case Mind the horns!

The Request for Proposal of the Bulgarian Deposit Insurance Fund (BDIF) to audit companies for the infamous report on the drain of the collapsed Corporate Commercial Bank (CCB) leaked through the platform for anonymous sharing of documents Balkanleaks.

The report itself is currently in the Classified Documents Department of the National Assembly and it is only accessible to lawmakers.

Metodi Andreev, an MP elected on the ballot of the center-right party Citizens for European Development of Bulgaria (GERB), who was part of the group pressuring for declassification of the report, expressed last Thursday doubt that the assignment (Request for Proposal) contains the necessary requirements. According to him, the most important one would be a request to AlixPartners to help restore the money and capital that have been removed from CCB.

“There is no clarity whether BDIF has set such a task for the company. Apparently it was a mistaken Request for Proposal, without any clarity whether this is due to incompetence or other reasons. This second part – the discovery and return of illegally drained resources is severely compromised,” said Andreev before Faktor.bg

The text of the Request for Proposal clearly shows that the contractor was asked to do something of the sort, namely:

To obtain and inforce interim injunctions (in support of domestic claims and foreign proceedings), including freezing and search orders, enforce judgements in various jurisdictions, etc.

The assignments can be seen below. Judging by the Request for Proposal, the report should be an interesting reading, but the limitation to be accessible only to MPs does not allow an independent expert assessment whether the assignment has been fulfilled. The full text of the Request for Proposal, including the project’s scope of work, the qualifications of the candidate and others can be found HERE.