here<\/a><\/i><\/p>\nCorporate Commercial Bank (KTB) is the heir of Bulgarsovinvest, one of the Vnesheconombank\u2019s companies abroad that were set up in the 70s and 80s of the last century; through them political party money of the USSR was funneled to \u201ccountries of capital.\u201d Certainly, Bulgaria was not a capitalist country, but it was interesting as intermediary – both the most faithful ally of the Soviet Union and a country developing active trade with the Third World. Therefore, Bulgarsovinvest, the only such bank created in a “comrade socialist country,” was shining in the \u201cred star\u201d constellation along with major Western financial centers: Mosnarbank (London), Eurobank (Paris), Ost-West Handelsbank (Frankfurt),\u00a0Donau Bank (Wien), East – West United Bank in Luxembourg and the financial company Eurasko in Switzerland.<\/span><\/p>\nThe first reason for creating these, essentially, branches of the Central Bank of the USSR was to deal with foreign loans. The second task was the financing of comradely Communist parties. Huge public funds, without very strict accountability, were flowing to these banks abroad. Trusted people were placed to work there; children and relatives of the party elite so that they could gain experience by swimming among global financial sharks.<\/p>\n
After the fall of the Berlin Wall, the former allies stopped getting Soviet rubles through bank transfers for their products and these banks quickly accrued debt in the amount of 10 billion US dollars. Their rescue in 1991 – 1992 was again done with Soviet government\u2019s money from the Central Bank. The pumping of banks abroad also included transfer of capital from the USSR Vnesheconombank accounts that were frozen due to the debts, wrote the Russian newspaper \u201cVersiya\u201d (Version) in 1999.<\/p>\n
This was followed by a “quiet privatization” that looks like pure robbery. According to the conclusion of Russia\u2019s Audit Office from 1999, all transactions related to assignment of shares to foreign banks of commercial organizations, contracted by the Bank of Russia up to 1998, “are illegal and subject to cancellation.”<\/p>\n
A copy of the report of Russia\u2019s Audit Office has been sent to the Federation Council, the State Duma (Parliament), Russian Prime Minister Stepashin and the Prosecutor General’s Office of Russia. However, this conclusion was not followed by any legal consequences and Russian banks abroad continued to live parallel lives: formally owned by the state, they were used for unaccountable syphoning of government money to the “right” people and companies.<\/p>\n
How Bulsovinvest became Corporate Commercial Bank<\/b><\/p>\n
The transformation of the Bulgarian branch of Vnesheconombank happened in 1994. A joint-stock company – \u201cCorporate Commercial Bank\u201d – with capital of 500 million levs (about 20 million US dollars) was registered with a decision of Sofia City Court, dated May 6, 1994, as legal heir of the assets and liabilities, rights and obligations of “Bulsovinvest” bank. From the Court\u2019s rule, we can find out the exact date of registration of Bulsovinvest \u2013 November 11, 1988 under Decree 535 from 1980. KTB was managed by a Board of Directors, which included Bulgarians Kalin Kalinov, Lyudmil Gachev and Valentin Stanchev and Russians Yevgeny Krasavtsev and Alexei Simakov.<\/p>\n
“There was no interception of accounts abroad of Bulgarsovinvest,” Valentin Stanchev told the newspaper Capital on this occasion. According to him, Vnesheconombank has overcome the crisis. How this happened exactly becomes clear from the investigation of the Russian Audit Office – by “pumping” from the Russian Central Bank.<\/p>\n
From the bank of KGB to Bulgaria\u2019s Karadere beach<\/b><\/p>\n
The former member of the Board of Directors of KTB Lyudmil Gachev was exposed as agent “Mikhail” from Division IV “Economic” of the former Communist-era State Security (DS). His name surfaced in the Board of the company “Madara Europe,” which is getting ready to build a vacation village on one of the last remaining wild beaches in Bulgaria \u2013 Karadere – with money from offshore companies. Last week, the same company received a certificate for class A investor from the government.<\/p>\n
Before Nova TV, Tim Chadwick, Chairman of the Board of Directors of “Madara Bulgaria Property Fund”, which stands behind “Madara Europe”, explained as follows Gachev\u2019s presence in the Board: “By law we have to have a Bulgarian representative in the Board of Directors and because of this Lyudmil Gachev is present there. He is an independent director.”<\/p>\n
On their part, KTB reacted angrily to publications connecting the bank with the case “Karadere” and stressed that the current management, and in particular banker Tsvetan Vasilev, had nothing to do with those who led the bank in 1994 \u2013 1995.<\/p>\n
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As revealed by The New York Times, last year she traveled to Rome for an event at the\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2025\/02\/louvrier-gabbard.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":103336,"url":"https:\/\/bivol.bg\/en\/update-hal-billion-social-ministry.html","url_meta":{"origin":18652,"position":1},"title":"UPDATE: OVER 0.5 BLN BGN OF EU FUNDS EMBEZZLED THROUGH SOCIAL MINISTRY","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"30 March 2023","format":false,"excerpt":"Financial abuse valued at a couple hundred million euro have been exposed at the Ministry of Labour and Social Policy. The embezzlement is primarily tied to funds from different European Union programs awarded under the law for public procurement. The procedures, however, were conducted in gross violation of the law.\u2026","rel":"","context":"In "Investigations"","block_context":{"text":"Investigations","link":"https:\/\/bivol.bg\/en\/category\/investigations-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2023\/03\/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA-%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0-2023-03-30-%D0%B2-17.40.52.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":45511,"url":"https:\/\/bivol.bg\/en\/sanctioned-russian-oligarch-shareholder-in-dsk-bank.html","url_meta":{"origin":18652,"position":2},"title":"Sanctioned Russian Oligarch \u2013 Shareholder in DSK Bank","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"11 February 2019","format":false,"excerpt":"Billionaire Megdet Rahimkulov and his shares in monopoly companies - from Russian \"Gazprom\" and VTB to the Hungarian OTP Group and MOL Listed as 52nd in the Russian edition of the Forbes magazine list of the wealthiest Russians, Megdet Rahimkulov is a major shareholder in the Hungarian OTP Group -\u2026","rel":"","context":"In "Comments"","block_context":{"text":"Comments","link":"https:\/\/bivol.bg\/en\/category\/comments-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/02\/DSK-OOO.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/02\/DSK-OOO.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/02\/DSK-OOO.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/02\/DSK-OOO.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/02\/DSK-OOO.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/02\/DSK-OOO.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":20121,"url":"https:\/\/bivol.bg\/en\/on-corporate-commercial-bank-banker-tsvetan-vasilev-and-lawmaker-delyan-peevski.html","url_meta":{"origin":18652,"position":3},"title":"ON CORPORATE COMMERCIAL BANK, BANKER TSVETAN VASILEV AND LAWMAKER DELYAN PEEVSKI","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"15 July 2014","format":false,"excerpt":"Bivol begins today, Tuesday, July 15, a new column: \"Thoughts with Horns\". We will not publish investigations or detailed analysis here, but just our \u201ctrivial\u201d, every day thoughts and reflections which we share on our Facebook page and which get a far-reaching response. The truth is so clear that it\u2026","rel":"","context":"In "Editorials"","block_context":{"text":"Editorials","link":"https:\/\/bivol.bg\/en\/category\/editorials-en"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19095,"url":"https:\/\/bivol.bg\/en\/der-standard-tchobanov-ktb-english.html","url_meta":{"origin":18652,"position":4},"title":"DER STANDARD: ATANAS TCHOBANOV FROM BIVOL ON WHAT CAUSED THE BANKING CRISIS IN BULGARIA","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"16 July 2014","format":false,"excerpt":"The renowned Austrian newspaper \u201cDer Standard\u201d published Wednesday an interview of Markus Bernath with the editor of Bivol Atanas Tchobanov. \"Prosecution was the most important weapon\" One oligarch uses the justice system in his battle against another oligarch - journalist Tchobanov on the underlying causes of the Bulgarian banking crisis\u2026","rel":"","context":"In "Interviews"","block_context":{"text":"Interviews","link":"https:\/\/bivol.bg\/en\/category\/interviews-en"},"img":{"alt_text":"Capture_2014-07-16_a_19.21.42","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/07\/Capture_2014-07-16_a_19.21.42.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/07\/Capture_2014-07-16_a_19.21.42.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/07\/Capture_2014-07-16_a_19.21.42.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":44973,"url":"https:\/\/bivol.bg\/en\/powerful-bulgarian-businessmen-buy-bad-apple-bank-in-moldova.html","url_meta":{"origin":18652,"position":5},"title":"Powerful Bulgarian Businessmen Buy \u2018Bad Apple\u2019 Bank in Moldova","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"23 January 2019","format":false,"excerpt":"The owner of Sopharma Pharmaceuticals Ognian Donev and the owner of Darik Radio (revealed to have been a collaborator of the Communist regime secret services with the alias \u201cKarak\") Radosvet Radev are on their way to become top bankers in the Republic of Moldova. Their joint venture DOVERIE UNITED-HOLDING PLC\u2026","rel":"","context":"In "Comments"","block_context":{"text":"Comments","link":"https:\/\/bivol.bg\/en\/category\/comments-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/01\/MICB_Ognyan-Donev.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/01\/MICB_Ognyan-Donev.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/01\/MICB_Ognyan-Donev.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/01\/MICB_Ognyan-Donev.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/18652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/comments?post=18652"}],"version-history":[{"count":0,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/18652\/revisions"}],"wp:attachment":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media?parent=18652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/categories?post=18652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/tags?post=18652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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