{"id":28570,"date":"2015-11-11T15:27:34","date_gmt":"2015-11-11T15:27:34","guid":{"rendered":"https:\/\/bivol.bg\/?p=28570"},"modified":"2016-10-26T07:47:33","modified_gmt":"2016-10-26T07:47:33","slug":"owner-of-two-emblematic-bulgarian-companies-proved-destitute","status":"publish","type":"post","link":"https:\/\/bivol.bg\/en\/owner-of-two-emblematic-bulgarian-companies-proved-destitute.html","title":{"rendered":"Owner of Two Emblematic Bulgarian Companies Proved Destitute"},"content":{"rendered":"

Who is behind the offshore companies, owners of ski facilities in the mountains Vitosha and Pirin? Bivol visited a suburb in Nicosia where their nominal owner Georgios Georgiou lives in the basement of a modest apartment building.<\/p>\n

The man, who opens the door in white boxer shorts, a white T-shirt with a large hole, and a three-day-old beard, is the largest foreign investor in the Bulgarian economy. The assets of the companies he owns amount to over 800 million levs. He is owner of the remnants of the steel mill Kremikovtsi, of the non-ferrous mill Kardzhali, emblematic companies such as Vitosha Ski and Yulen, construction, transportation and tourist business in Bulgaria. Georgios, however, is also the largest debtor. He has acquired all this with loans from First Investment Bank.<\/p>\n

“I do not understand what you mean,” he keeps repeating in broken English to all our questions. We ask him if he has taken the loans; how he thinks he will pay them back and does he know the Bank’s majority shareholders Tseko Minev and Ivaylo Mutafchiev. On paper they ought to know each other, because two years ago, namely Georgios sold to Tzeko and Ivaylo the company which holds 6.7% stake in FIB, or about 40 million levs.<\/p>\n

\"\"<\/p>\n

Furthermore, Georgios Georgiou is the manager of the company FRAMAS, which is directly owned by FIB. “I do not understand what you mean,” he insists.<\/p>\n

The man who understands what we mean is named G. Papadopoulos. The office of the lawyer is sprawling over three floors in an unassuming office building.<\/p>\n

\"papadopoulos-office\"<\/a><\/p>\n

Papadopoulos is the “Boss”. At least this is what Evdokia Maklamuzi\u2019s relatives claim. Maklamuzi is a colleague and co-owner, together with Georgios, of companies in different sectors of the Bulgarian economy. She is a multimillionaire on paper as well. Maklamuzi lives in a mountain village 30 km outside Nicosia. The residence of the multimillionaire is a modest house, where we were welcomed by her relatives. Maklamuzi was away, but after a relative called the “Boss”, we had the privilege to hear an angry tirade from Papadopoulos himself. Our attempt to contact him on the following day and in a more relaxed ambiance remained without result.<\/p>\n

What is the scheme? Georgios and Maklamuzi work for Papadopoulos as dummies. He receives instructions from FIB from Bulgaria to register businesses and open accounts for them in the Cypriot branch of the Bank.<\/p>\n

Then, in Bulgaria, the ownership of Bulgarian companies receiving loans from FIB is transferred to these companies. The Bulgarian companies are also owned by dummy destitute persons (see here<\/a>) or employees of the Bank (see here<\/a>). The money then goes to Cyprus. From there it goes to other offshore accounts. According to well-informed sources, before the introduction of capital controls, around 500 million euro has left from the Cyprus branch of FIB to different locations.<\/p>\n

\"\u0421\u0445\u0435\u043c\u0430<\/a>

A diagram of the connections between FIB and Yulen shareholders.\u00a0<\/p><\/div>\n

All this was thoroughly investigated by Bivol in a large-scale investigation<\/a> examining documents of the registered pledges established after FIB has granted the loans. We studied in detail the ownership of 50 Bulgarian companies that received loans and 30 offshore companies behind them. Besides Georgios and Maklamuzi, Elena Maklamuzi, Stavros Konstantinou, Stella Georgiou, Nicky Tenekedzi, Anastasia Yoannides, Christiniya Kone, Nicky Ann Reymundo and others also work as dummies for Papadopoulos. All they have accumulated a total of<\/p>\n

1.27 billion levs in debt to FIB!<\/strong><\/p>\n

or nearly twice the bank’s capital with permitted lending to related parties of no more than 20% of its own equity.<\/p>\n

These revelations of Bivol were followed by the deafening silence of the central bank<\/a> (Bulgarian National Bank, BNB) and the banking supervision. After a signal to the Prosecutor’s Office and the National Security Agency (DANS), an investigation was launched, but it is not even inching along. However, the genie is already out of the bottle as showed the report of the World Bank and the IMF, which identifies the inability of the banking supervision to cope with the concentration of loans to related parties.<\/p>\n

\"\u041f\u044a\u043b\u043d\u0430\u0442\u0430<\/a>

The full picture of the connections between Tseko Minev, Ivaylo Mutafchiev, Georgios Georgiu, Yulen, Vitosha Ski, the mills Kremikovtsi and Kardzhali is too complicated, but it can be traced formally. Click on the diagram to enlarge it.\u00a0<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Who is behind the offshore companies, owners of ski facilities in the mountains Vitosha and Pirin? Bivol visited a suburb in Nicosia where their nominal owner Georgios Georgiou lives in…<\/p>\n","protected":false},"author":1,"featured_media":28549,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","kia_subtitle":"Bivol visited in Cyprus Georgios Georgiou and Evdokia Maklamuzi, owners of the offshore companies of First Investment Bank (FIB)","_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[5542,5806,5828],"tags":[5302,7322,5234,7323,5096],"class_list":["post-28570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investigations-en","category-leading-en","category-b-files-bad-apples-en","tag-bulgarian-national-bank","tag-fib","tag-fibank","tag-georgius","tag-yulen"],"yoast_head":"\nOwner of Two Emblematic Bulgarian Companies Proved Destitute - Bivol!<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bivol.bg\/en\/owner-of-two-emblematic-bulgarian-companies-proved-destitute.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Owner of Two Emblematic Bulgarian Companies Proved Destitute\" \/>\n<meta property=\"og:description\" content=\"Who is behind the offshore companies, owners of ski facilities in the mountains Vitosha and Pirin? 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resort of Bansko, the editor-in-chief of Bivol Atanas Chobanov held a conversation with\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/bivol.bg\/en\/category\/analysis-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/11\/georgius-home.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/11\/georgius-home.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/11\/georgius-home.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/11\/georgius-home.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/11\/georgius-home.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2015\/11\/georgius-home.jpg?resize=1400%2C800&ssl=1 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One same person, named Georgius Georgiou, is behind YULEN, VITOSHA SKI, and the firms that bought the Kremikovtsi steel mill near\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\/2014\/12\/peev-ski-buda.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/peev-ski-buda.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/peev-ski-buda.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/peev-ski-buda.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/peev-ski-buda.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/peev-ski-buda.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":37833,"url":"https:\/\/bivol.bg\/en\/official-confirmation-bulgarian-govt-in-the-dark-regarding-yulens-owner.html","url_meta":{"origin":28570,"position":2},"title":"Official Confirmation: Bulgarian Govt \u201cIn the Dark\u201d Regarding \u201cYulen\u2019s\u201d Owner","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"16 January 2018","format":false,"excerpt":"\u00a0 There is no information in the Council of Ministers about the natural persons who are the owners of ski zone concessionaire \u201cYulen\u201d. This was made clear from a response to a request for information under the Access to Public Information Act (APIA) by Bivol's Editor-in-Chief Atanas Tchobanov. On January\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\/2018\/01\/ms-yulen-1-715x1024.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/01\/ms-yulen-1-715x1024.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/01\/ms-yulen-1-715x1024.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/01\/ms-yulen-1-715x1024.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":44055,"url":"https:\/\/bivol.bg\/en\/legendary-cypriot-investor-sold-yulen-shares-to-augusta-papadopoulou-not-to-mark-girardelli.html","url_meta":{"origin":28570,"position":3},"title":"‘Legendary’ Cypriot Investor Sold Yulen Shares to Augusta Papadopoulou, Not to Mark Girardelli","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"18 December 2018","format":false,"excerpt":"The claim of former alpine ski racer Mark Girardelli that he bought in 2016 the offshore T.A.K Services, which is the majority owner of the concessionaire of the Bulgarian Bansko ski resort Yulen, finds no documentary confirmation, according to a check by Bivol. There is indeed a change in the\u2026","rel":"","context":"In "FIBANK"","block_context":{"text":"FIBANK","link":"https:\/\/bivol.bg\/en\/category\/b-files-en\/fibank-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2014\/12\/cvetanov-bansko.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":29942,"url":"https:\/\/bivol.bg\/en\/concessionaire-yulen-turned-out-to-be-connected-with-organized-crime-group-the-killers-and-with-thieves-of-eu-funds.html","url_meta":{"origin":28570,"position":4},"title":"Concessionaire “Yulen” Is Connected with Organized Crime Group “The Killers” and with Thieves of EU Funds","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"8 March 2016","format":false,"excerpt":"One of the offshore companies with a stake in the winter resort concessionaire \"Yulen\" has the same managers as the company of Mila Georgieva from \"The Killers\" gang, accused of contract murders and extortion. Georgieva is also wanted by the Romanian Prosecutor's Office for the theft of 26 million euro\u2026","rel":"","context":"In "FIBANK"","block_context":{"text":"FIBANK","link":"https:\/\/bivol.bg\/en\/category\/b-files-en\/fibank-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2016\/03\/mila-georgieva.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2016\/03\/mila-georgieva.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2016\/03\/mila-georgieva.jpeg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":43743,"url":"https:\/\/bivol.bg\/en\/how-prosecutor-general-mocked-public-about-company-ownership.html","url_meta":{"origin":28570,"position":5},"title":"How Prosecutor General Mocked Public about Company Ownership","author":"\u0415\u043a\u0438\u043f \u043d\u0430 \u0411\u0438\u0432\u043e\u043b\u044a","date":"23 November 2018","format":false,"excerpt":"Prosecutor General Sotir Tsatsarov literally mocked the public. He promised to reveal the ownership of the company \u201cYulen\u201d but did not do so. Nevertheless, he revealed that the Prosecutor's Office is either incompetent or providing a cover-up for the hidden owner of \u201cYulen\u201d \u2013 banker Tseko Minev. On Thursday, November\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\/2018\/01\/duc-shareholders-15102017-212x300.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_featured_media_url":"https:\/\/bivol.bg\/wp-content\/uploads\/2015\/11\/georgius-home.jpg","_links":{"self":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/28570","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=28570"}],"version-history":[{"count":0,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/28570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media\/28549"}],"wp:attachment":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media?parent=28570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/categories?post=28570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/tags?post=28570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}