{"id":44973,"date":"2019-01-23T16:06:29","date_gmt":"2019-01-23T13:06:29","guid":{"rendered":"https:\/\/bivol.bg\/?p=44973"},"modified":"2019-01-29T12:20:34","modified_gmt":"2019-01-29T10:20:34","slug":"powerful-bulgarian-businessmen-buy-bad-apple-bank-in-moldova","status":"publish","type":"post","link":"https:\/\/bivol.bg\/en\/powerful-bulgarian-businessmen-buy-bad-apple-bank-in-moldova.html","title":{"rendered":"Powerful Bulgarian Businessmen Buy \u2018Bad Apple\u2019 Bank in Moldova"},"content":{"rendered":"\n

The owner of Sopharma Pharmaceuticals Ognian Donev and\nthe owner of Darik Radio (revealed to have been a collaborator of the Communist\nregime secret services with the alias \u201cKarak”) Radosvet Radev are on their\nway to become top bankers in the Republic of Moldova. Their joint venture DOVERIE UNITED-HOLDING PLC<\/a> is\npurchasing a 63.9% stake in Moldavian “bad apple” – Moldindconbank\nS.A. (MICB). In 2010-2014, this bank, the second largest bank in Moldova, was\ninvolved in large-scale international scandals about which Bivol also wrote<\/a>. The scandal,\nknown as the “Laundromat”, involves the laundering of USD 22 billion\nfrom Russia – as well as the syphoning of over USD 1 billion from the Republic\nof Moldova’s banking system – an affair called by the local media “the\ntheft of the century”.<\/strong><\/p>\n\n\n\n

The deal was made\nclear by the official\npress release<\/a> of the National Bank of Moldova (NBM), the country\u2019s central\nbank, announcing the acquisition agreement on its site on Tuesday, January 22.<\/p>\n\n\n\n

\u201cThe Executive Board\nof the National Bank of Moldova (NBM) decided on Tuesday, 22 January 2019, to\ngive the prior permission to \u201cDOVERIE UNITED-HOLDING AD\u201d for the acquisition of\nthe share package in the amount of 63,89 percent of BC \u201eMoldindconbank\u201d S.A.,\u201d\nthe press release said.<\/p>\n\n\n\n

Delighted by the Bulgarian investor<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

\n\nMoldindconbank is the second largest bank in the Republic of Moldova (photo: TV8.md)\n\n<\/p>\n\n\n\n

The Moldovan banking regulator’s announcement also states that the \u201cinvestor expresses his interest in an appropriate period for BC \u201cMoldindconbank\u201d S.A., after the NBM decided by law, on 18 January 2019, to extend for the last three-month period the sale deadline of the newly issued shares of this bank\u201d.\u00a0 <\/p>\n\n\n\n

Thus, according to NBM, \u201cthe takeover of the single share\npackage by the investor will create conditions for an orderly leaving from the\nNBM early intervention regime, so that the BC \u201eMoldindconbank\u201d S.A. not to be\naffected. This will continue to operate in normal regime and provide the full\nrange of services, including those related to deposits, lending and settlement\noperations\u201d. <\/p>\n\n\n\n

\u201cDOVERIE UNITED-HOLDING AD\u201d intends to come up to BC\n\u201eMoldindconbank\u201d S.A. with a team of managers with a broad international\nexperience in the banking sector. In this regard, the NBM assesses the intention\nof the potential investor as a notable opportunity to develop \u201eMoldindconbank\u201d\non long-term and to increase the competitiveness and quality of services\nprovided to its customers\u2026 DOVERIE UNITED-HOLDING AD\u201d aims to enter into the\nbanking market of the Republic of Moldova after an ample assessment of the\nmarket evolution and the economic context of the country\u2026 DOVERIE\nUNITED-HOLDING AD\u201d is presented to be one of the most important companies in\nBulgaria, which was founded in 1996 as a privatization fund with a\nparticipation portfolio in more than 20 economic enterprises that operate in\nmore countries of the region,\u201d the press release of the NBM further says.<\/p>\n\n\n\n

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The NBM press release<\/figcaption><\/figure><\/div>\n\n\n\n

According to the online edition Newsmaker.md<\/em>, on January 23, the authorities in Chisinau had to\nmeet in the National Committee for Financial Stability to decide on only one\nissue – whether to negotiate the way the deal takes place – whether the State\nwould buy the MICB shares and then sell it to the investor, as was the case\nwith Moldova Agroindbank (the largest bank that was under special supervision).<\/p>\n\n\n\n

From pharmacies to banks<\/strong><\/p>\n\n\n\n

The newly appointed Governor of the NBM (until recently Minister\nof Finance) Octavian Armasu<\/strong>\npersonally boasted the deal with the Bulgarians before Moldovan journalists. He\nassured the media that “the investor had passed all the checks” and\nit was a “reliable company”.<\/p>\n\n\n\n

\"\"

The Governor of the National Bank of Moldova, Octavian Armasu, is certain that the Bulgarian company DOVERIE<\/g>
is a “trusted” (doverie<\/g> in Bulgarian means trust) investor (picture: the National Bank of Moldova) <\/figcaption><\/figure>\n\n\n\n

According to the Governor, DOVERIE could afford such a deal\nas it has enough money to buy the bank’s shares and maintain its operations.<\/p>\n\n\n\n

He was also firm that DOVERIE does not have even a potential\nconflict of interest as a foreign company.<\/p>\n\n\n\n

“The prospective buyer is not linked to Moldova, and\nthere are no Moldovan citizens in the company’s leadership,” he said.<\/p>\n\n\n\n

Octavian Armasu forgot to mention that in April 2017, Sopharma,\nin which Ognian Donev is the majority shareholder, managed to buy in Moldova\nthe controlling stake of 51% of a chain of ten pharmacies from the local RAP\nPharma International. The deal was approved by the local watchdog – the\nCompetition Council of the Republic of Moldova.<\/p>\n\n\n\n

The chain of pharmacies at that time held about 3% of the\nmarket share in the phramaceutical retail in Moldova. As the Moldovan edition Mold Street<\/em> wrote<\/a>, the established\nin 2004 company RAP Pharma International has also had shareholders from\nBulgaria, precisely the company “Molfarm” Ltd, which had been\ncontrolled by the Bulgarian citizen Plamen Milanov.<\/p>\n\n\n\n

Milanov\u2019s firm held 80% in RAP Pharma International, and the\nother 20% belonged to Moldovan Victor Alergus. In 2014, RAP Pharma\nInternational built a chain of ten pharmacies and after that it received a\nretail license. In 2017, the controlling stake of 51% was bought by Bulgarian\nSopharma Pharmaceuticals.<\/p>\n\n\n\n

A check by Bivol in the Trade Register showed that\n“Molfarm” Ltd has been indeed registered in the Bulgarian capital in\n2014 by Plamen Stefanov Milanov at the following address \u2013 5 “Vazkresenie”\nBlvd, “Krasna Polyana” district, 1330 Sofia. The registered funding capital\nwas BGN 20,000.<\/p>\n\n\n\n

The scope of activity includes “wholesale in the\ncountry and abroad of medicinal products, pharmaceuticals, medical devices,\nconsumables, cosmetics and others, commercial intermediation and\nrepresentation, consultancy, as well as any other commercial activity which is not\nforbidden by law”.<\/p>\n\n\n\n

Two other companies owned by Milanov are registered at the same address – “Hospice Faith and Hope” Ltd (2013) and “First Company” Ltd (2008).<\/p>\n\n\n\n

\"\"

“Molfarm” Ltd. is a Bulgarian company that sold its pharmacies in Moldova to Sopharma <\/figcaption><\/figure><\/div>\n\n\n\n

“First Company” Ltd also has a connection with\nMoldova as it has been registered in partnership with Moldovan national Ruslan\nPavlovic Rotar. The registered founding capital was BGN 5,000. The main\nbusiness activity is “wholesale and retail of pharmaceutical, medical and\nan orthopedic products”.<\/p>\n\n\n\n

Special oversight of\nMICB<\/strong><\/p>\n\n\n\n

Since June 2015, Moldindconbank is under the special\nsupervision of the NBM, together with two other banks – Moldova-Agroindbank\n(MAIB) and Victoriabank.<\/p>\n\n\n\n

The special supervision is introduced in cases when it is established\nthat the bank or its shareholder or management have violated the Credit\nInstitutions Act of the Republic of Moldova or other normative acts of the NBM,\nincluding the licensing terms.<\/p>\n\n\n\n

Then, NBM blocked these 63.89% of MICB shares and another\n43% of the shares of Moldovan Agroindbank (MAIB) – Moldova’s largest bank. The\nowners of the two leading banks in Moldova were exposed in being in a cartel\nagreement.<\/p>\n\n\n\n

Shareholders with blocked shares were ordered to sell their\nshares within three months in 2015, but they did not. Therefore, MICB and MAIB\ncanceled these shares and held a new issue of shares. They issued new shares in\nthe same volume as the canceled ones, after which they were put up for sale,\nbut buyers had not been found immediately.<\/p>\n\n\n\n

\"\"

Three of the four largest banks in Moldova have been under special supervision before their sale, including MICB <\/figcaption><\/figure>\n\n\n\n

As early as 2015, the Moldovan government announced it would\nact as an “intermediary” between banks and potential strategic\ninvestors. The aim was to assuage buyers’ fears that bank assets in Moldova\ncould be a dubious investment.<\/p>\n\n\n\n

In its press release, the NBM acknowledges that \u201cin\nSeptember 2017, the company has also received the NBM prior permission to\nacquire the share package of another licensed bank of the Republic of Moldova.\nFor objective reasons that transaction was not carried out\u201d.<\/p>\n\n\n\n

The “objective” stumbling block is the acquisition\nof the fourth-largest Moldovan bank Victoriabank by one of the leading\nfinancial groups in Romania – Banca Transilvania (BT). In the beginning of 2018\nVictoriabank was sold to the Romanians for about RON 766 million (about EUR 40\nmillion).<\/p>\n\n\n\n

According to information provided by business journalist Ion\nPreasca of Bivol\u2019s partner \u2013 the center for investigative journalism RISE Moldova<\/a>, the Bulgarians have\nindeed negotiated not only for Victoribank but also for the largest bank in\nMoldova, MAIB, with a loan portfolio of about RON 20 billion (EUR 1, 2\nbillion). Representatives of the Bulgarian buyer had met with the NBM for this\nreason, but a deal was reached only in early 2019, when the MICB acquisition\nwas agreed.<\/p>\n\n\n\n

The bank that is\nknown for theft <\/strong><\/p>\n\n\n\n

The Organized Crime and Corruption Reporting Project (OCCRP<\/a>)\nbroke the story of the Laundromat in 2014, but in 2015, the reporters from\nOCCRP and Novaya Gazeta in Moscow obtained a wealth of bank records which they\nthen opened to investigative reporters in 32 countries. According to RISE, it\nwas “the largest money laundering scheme in the history of Eastern\nEurope”. <\/p>\n\n\n\n

Of the entire USD 40 billion in the Laundromat scandal, a little\nover half of the money (USD 22 billion) had passed through the Moldovan MICB.<\/p>\n\n\n\n

The scheme had been implemented between 2010 and 2014, when\nvarious criminal groups and corrupt politicians had managed to transfer\nbillions from the Russian Federation through the “laundering mechanism”\nconsisting of straw legal entities – business owners, financial institutions\nand fake credits.<\/p>\n\n\n\n

The proverbially corrupt Moldovan politicians and government\nclerks had provided the cover-up for the scam. At its last stage, appearances\nof compliance with the law had been created, such as court rules, allowing\nfunds to flow to Western Europe and offshores.<\/p>\n\n\n\n

At the same time, according to Moldovan prosecutors, more\nthan 90 different Russian companies have participated in the Laundromat and\nhave made thousands of cash transactions to bank accounts in Moldova, from\nwhere MICB has redirected them to various offshore jurisdictions.<\/p>\n\n\n\n

\"\"

Veaceslav Platon controlled MICB, profiteering from dubious operations such as the Laundromat in 2010-2014 <\/figcaption><\/figure>\n\n\n\n

Former shareholders,<\/g> and some of those remaining in the Bank, are associated with Russian-Ukrainian businessman Veaceslav Platon, who was arrested in Kiev in 2017 under a mutual agreement between the President of Ukraine Petro Poroshenko and Moldavian oligarch and politician Vladimir Plahotniuc, chairman of the Democratic Party of Moldova.<\/p>\n\n\n\n

After that Veaceslav Platon was extradited to Moldova, where\nthere is an ongoing court trial against him while he remains in detention in\nChisinau. He is charged with money laundering and unsecured lending. “Ukrainian\nand Moldovan citizens, some of his friends, representatives of various\nUkrainian and Russian companies, all of them, as proxy-type shareholders, have\nbeen part of Platon\u2019s organized crime group,” Ion Preasca told Bivol.<\/p>\n\n\n\n

A new life with an\nold name<\/strong><\/p>\n\n\n\n

Preasca says that MICB is currently in a very decent\ncondition for a bank that is under special supervision. It has reported a\nprofit of RON 500 million (about EUR 25 million) in 2018, which is more than a\nthird of the profits of the entire banking sector of Moldova in the past year,\nhe explains.<\/p>\n\n\n\n

According to him, the price of the MICB share package had\nbeen established by the NBM on the stock exchange at RON 760 million (about EUR\n39 million), and it is a very good price for such a bank with surprisingly good\nloan portfolio indicators, even better than the one bought by the Romanians –  Victoriabank.<\/p>\n\n\n\n

That is precisely why, according to Preasca\u2019s sources, the\nRomanian Banca Transilvania had wanted the most to acquire MICB as the second\nlargest by assets in Moldova and not Victoriabank, which currently ranks fourth\n(the third is Mobiasbanca of the French Societe Generale Group).<\/p>\n\n\n\n

The Moldovan journalist also explained that the main costs\nfor the bank’s recovery have already been calculated, and “in the last and\nthe year before last, procedures for independent international audit, due\ndiligence, including by the American KPMG, have been carried out”<\/p>\n\n\n\n

\"\"

The Investigation by Bivol\u2019s partners in the Organized Crime and Corruption Reporting Project (OCCRP) partners – RISE Moldova and Novaya Gazeta (chart by http:\/\/www.rise.md<\/a>) <\/figcaption><\/figure><\/div>\n\n\n\n

Nevertheless, despite the perfect condition for a bank under\nspecial supervision, the acquisition of MICB can lead to serious reputation\nproblems for DOVERIE.<\/p>\n\n\n\n

“The risks of political and legal nature are related to\nthe potential claims of the former shareholders in the Bank, who could\neventually pursue new actions to recover their rights or to be compensated for\ntheir shares,” Ion Preasca explained.<\/p>\n\n\n\n

The reason is the scandal with the Laundromat, which has\ntarnished the international image of the Bank. The Moldovan journalist\ncommented that one of the decisions would be to rebrand the Bank by changing\nits name, something that can have a positive effect, but can also inflict\ndamages to the Bank, as he stressed. <\/p>\n\n\n\n

Ion Preasca recalled that the sale of MICB was set as early\nas 2016 as one of the mandatory conditions for obtaining a loan from the International\nMonetary Fund (IMF) to Moldova. “This is one of the commitments under the\nIMF Memorandum – the new shareholders should be individuals or companies with a\ngood and corroborated image,” the RISE Moldova journalist said. According\nto him, \u201cthe authorities in Chisinau have decided that the last unsold to\ninvestors troubled bank should not become a stumbling block for new IMF\nfunding.”<\/p>\n\n\n\n

DOVERIE to Bivol: We\nare not a Sopharma subsidiary<\/strong><\/p>\n\n\n\n

\"\"

The Chairman of the Supervisory Board of DOVERIE Radosvet Radev and Ognian Donev (picture: Capital<\/em>) <\/figcaption><\/figure><\/div>\n\n\n\n

On January 23, Bivol attempted to reach the management of\nDOVERIE for comment, but no one answered the phones listed for contact. That is\nwhy we sent emails to the Chairman of the Board of Directors of Sopharma Ognian\nDonev with nine questions on the necessity of the deal in Moldova by DOVERIE\nHolding, in which Radosvet Radev and Donev\u2019s son Ivan Donev are members of the\nSupervisory Board. We received the following replies from DOVERIE\u2019s e-mail\naddress.<\/p>\n\n\n\n

What is DOVERIE planning to achieve with the acquisition of MICB?<\/em><\/strong><\/p>\n\n\n\n

As you know, in the\nlast year, the Republic of Moldova has made some decisive steps to improve its\nbanking sector. As part of these efforts, the largest Moldovan bank, Moldova\nAgroindbank, was sold to a non-strategic investor – Latvian and US\nnon-financial institutions, with a minority stake acquired by the European Bank\nfor Reconstruction and Development (EBRD). The third largest bank,\nVictoriabank, was also sold to an investor – a financial institution from\nRomania. We believe that the participation in this process is a good\nopportunity for Holding DOVERIE, which has strong positions in the Bulgarian\nfinancial sector.<\/em><\/p>\n\n\n\n

Is it true that the package price is RON 760 million?<\/em><\/strong><\/p>\n\n\n\n

For now, we cannot\ntalk at all about a price. The shares are not the subject of a sale and the\nRepublic of Moldova is yet to determine the basic parameters of a possible\ntransaction – a tender procedure and a buyer. In any event, as far as we know,\nif there is a sale, it will be organized by the Moldovan State through a public\nauction in which all interested parties may participate. Only the Moldovan\nState may be the seller, through the Moldovan State Property Agency.<\/em><\/p>\n\n\n\n

Aren\u2019t you worried that the Bank will have to be rebranded for having\nthe reputation of the most scandalous Moldovan financial institution that has\nlaundered USD 22 billion from Russia in the Laundromat Affair? Is DOVERIE’s\nmanagement aware of the role of the Bank in the so-called “theft of the\ncentury” with the syphoning of more than USD 1 billion from the Moldovan\nbanking system?<\/em><\/strong><\/p>\n\n\n\n

Regarding the\nreputation of the asset that may be the subject of a sale, we believe that\nafter two years of direct management by the National Bank of Moldova, the\nnecessary measures have been taken to align the organization of banking\nactivities in Moldova with European standards. Of course, we are aware of the\nscandals described in detail on the Internet, but we think that they concern\nspecific officials who are not currently employees of the Bank. Moreover, the\ntwo banks that were the subject of a deal had the same or similar problems, but\nthis did not prevent EU and US investors from buying shares in them. Last but\nnot least, the EBRD is a co-owner in both deals.<\/em><\/p>\n\n\n\n

The National Bank of Moldova has required that the investor does not\nhave any business in Moldova? However, the parent company, Sopharma, controls a\nchain of pharmacies in Moldova, isn\u2019t this a violation and would that make it\nnon-eligible?<\/em><\/strong><\/p>\n\n\n\n

We are not aware of\nthe requirement of the National Bank of Moldova that you quote that the\npotential investor in the banking sector must not have a business in Moldova.\nWe believe that you have not been properly informed but, nevertheless, we would\nlike to point out that Sopharma is not a parent company of Holding DOVERIE and,\nas far as we know, does not control a chain of pharmacies in Moldova.<\/em><\/p>\n\n\n\n

Does DOVERIE have the reputation of a “strategic investor” in\nthe banking sector, a necessary condition for acquiring the supervised MICB?<\/em><\/strong><\/p>\n\n\n\n

We believe that the\nanswer to this question is given by a previous decision of the National Bank of\nMoldova, which in 2018 issued a license to DOVERIE to be a potential buyer of\nthe Victoriabank share package that was subsequently purchased by a consortium with\nthe participation of the EBRD and the Romanian Banka Transilvania.<\/em><\/p>\n\n\n\n

Was there any cooperation from the Bulgarian authorities for the deal\nin Chisinau?<\/em><\/strong><\/p>\n\n\n\n

The Bulgarian authorities\nare fully irrelevant to our business activities in the Republic of Moldova.<\/em><\/p>\n\n\n\n

On what grounds has DOVERIE been denied the acquisition of Moldova\nAgroindbank and Victoriabank in the Republic of Moldova?<\/em><\/strong><\/p>\n\n\n\n

It is not true that\nDOVERIE was denied the acquisition of Moldova Agroindbank or Victoriabank. On\nthe contrary, DOVERIE was granted an official authorization by the National\nBank of Moldova to buy a package of shares from Victoriabank, which is\nverifiable in the register of the National Bank of Moldova, and regarding\nMoldova Agroindbank – we have never applied for a license to buy the latter.<\/em><\/p>\n\n\n\n

What are Doverie’s plans to stabilize the Bank – long-term development\nor resale?<\/em><\/strong><\/p>\n\n\n\n

DOVERIE’s plans are\nfor the long-term development of the Holding in the Republic of Moldova in the\nevent that we are selected as a buyer.<\/em><\/p>\n\n\n\n

Although in its responses to Bivol, DOVERIE denies having a\ndirect relationship with Sopharma, the shares\u2019 ownership and presence in Ivan\nDonev’s in the Supervisory Board reveals the potential conflict of interest\nunder Moldovan law.<\/p>\n\n\n\n

\"\"

Sopharma is a major shareholder in DOVERIE United Holding <\/figcaption><\/figure>\n\n\n\n

However, it is no coincidence that the IMF required in the\nMemorandum with the Republic of Moldova that the NBM should not allow companies\nthat are already operating in Chisinau. This was confirmed by the cited by\nBivol Governor of the NBM, Octavian Armasu, according to whom the “lack of\ninvestor’s business” in the country had been decisive.<\/p>\n\n\n\n

But then again, the facts speak for themselves – Sopharma Pharmaceuticals,\nof which one of DOVERIE’s owners, Ognian Donev, is Chairman, Managing Director\nand a majority shareholder, is already operating in Moldova since 2017 when it\nbought the aforementioned pharmacies.<\/p>\n\n\n\n

NIKOLAY MARCHENKO<\/p>\n\n\n\n

Nikolay Marchenko is a journalist specializing in economic and international affairs. He has worked in the Sega newspaper, the LiveBiz.bg business portal, and is currently a correspondent in Sofia of the respected Russian newspaper Kommersant.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":20614,"featured_media":44847,"comment_status":"closed","ping_status":"closed","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":"","_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":true,"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":[5544,5806],"tags":[9035,7784],"class_list":["post-44973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-comments-en","category-leading-en","tag-doverie","tag-laundromat"],"yoast_head":"\nPowerful Bulgarian Businessmen Buy \u2018Bad Apple\u2019 Bank in Moldova - 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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":44973,"position":2},"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":38197,"url":"https:\/\/bivol.bg\/en\/us-treasury-department-bans-latvian-ablv-bank.html","url_meta":{"origin":44973,"position":3},"title":"US Treasury Department Bans Latvian ABLV Bank","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"14 February 2018","format":false,"excerpt":"The third largest Latvian bank, ABVL, has been heavily sanctioned by the regulators in Washington DC due to its involvement in money laundering and other illicit activities connected to Russia, Azerbaijan, Moldova and Ukraine. On Tuesday, February 13, the U.S. Treasury Department issued a finding and notice pursuant to the\u2026","rel":"","context":"In "Leading"","block_context":{"text":"Leading","link":"https:\/\/bivol.bg\/en\/category\/leading-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/02\/abvl.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/02\/abvl.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/02\/abvl.jpeg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2018\/02\/abvl.jpeg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":45815,"url":"https:\/\/bivol.bg\/en\/offshore-of-bulgarian-gaming-czar-enters-moldovas-lottery.html","url_meta":{"origin":44973,"position":4},"title":"\ufeffOffshore of Bulgarian Gaming Czar Enters Moldova\u2019s Lottery","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"2 March 2019","format":false,"excerpt":"Bulgarian Plamen Milanov, who is a defendant in a document forgery case, represents in Chisinau, both, the National Lottery and Sopharma Vasil \u201cThe Skull\u201d Bozhkov is now a leading player in Moldova's betting where one of his loyal people manages the leading company-subcontractor of the country\u2019s National Lottery. This is\u2026","rel":"","context":"In "Leading"","block_context":{"text":"Leading","link":"https:\/\/bivol.bg\/en\/category\/leading-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/03\/Bivol-Cherepa-000.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/03\/Bivol-Cherepa-000.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/03\/Bivol-Cherepa-000.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/03\/Bivol-Cherepa-000.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":47754,"url":"https:\/\/bivol.bg\/en\/moldovan-oligarch-sells-12-duty-free-shops-to-bulgarian-national.html","url_meta":{"origin":44973,"position":5},"title":"Moldovan Oligarch Sells 12 Duty-Free Shops to Bulgarian National","author":"\u041d\u0438\u043a\u043e\u043b\u0430\u0439 \u041c\u0430\u0440\u0447\u0435\u043d\u043a\u043e","date":"21 June 2019","format":false,"excerpt":"The leader of the Moldovan \u201c\u0218OR\u201d party, Moldovan-Russian oligarch Ilan Shor, has sold 12 duty-free shops to Bulgarian entrepreneur Marko Stefanov Todorov. This deal by the politician and former mayor of the Moldovan city of Orhei (Orgeev) was reported on June 19 by the Moldovan site \u041cold-street. The Bulgarian is\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\/06\/lanShor_TheTimesofIsrael.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/bivol.bg\/wp-content\/uploads\/2019\/06\/lanShor_TheTimesofIsrael.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/bivol.bg\/wp-content\/uploads\/2019\/01\/MICB_Ognyan-Donev.jpg","_links":{"self":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/44973","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\/20614"}],"replies":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/comments?post=44973"}],"version-history":[{"count":0,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/posts\/44973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media\/44847"}],"wp:attachment":[{"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/media?parent=44973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/categories?post=44973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bivol.bg\/en\/wp-json\/wp\/v2\/tags?post=44973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}