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Tzvetan Vassilev

Tzvetan Vassilev: ‘All key ministers in Borissov’s third government are controlled by the circles around Delyan Peevski and Ahmed Dogan’

May 15th, 2019

Four years ago, Yavor Dachkov was the first journalist who took an interview with Tzvetan Vassilev about the attack against Corporate Commercial Bank (Corpbank) and published it in its entirety, without manipulations and taking words out of context. In May this year, Mr. Dachkov interviewed Mr. Vassilev for his news website “Glasove” (Voices).


When asked to comment on what had changed in the past four years, Tzvetan Vassilev stressed: ‘Four years ago, I predicted not only what would happen to Corpbank and its assets, but to Bulgaria´s State as a whole. Four years after the attack against the bank, Bulgaria is a fully consolidated dictatorship governed by the mafia and the prosecutors.’ The banker paid particular attention to the symbiosis between Prime Minister Boyko Borissov and MP Delyan Peevski: ‘I always thought Borissov’s first government was the worst, but then it turned out the country went downhill from there. Oresharski’s government was worse than Borissov’s first government. Borissov’s second government was worse than Oresharksi’s. The government Bulgaria currently has is the definition of disgrace: all key ministers in Borissov’s third government are controlled by the circle around Delyan Peevski and Ahmed Dogan.’


Vassilev emphasized there was plenty of evidence on the synergy between Peevski and Borissov: ‘The clearest example is the acquisition of Vodstroy by Hidrostroy. Borissov´s favorite company bought Peevski´s company. I believe this is sufficient proof.’


Tzvetan Vassilev explained that Corpbank was the victim of a classic corporate raid: ‘There was no embezzlement prior to the closure. Corporate Commercial Bank´s assets were stolen after the bank’s artificially induced insolvency. The key beneficiaries are those who organized the attack as well as their insider who is currently the main witness of the Prosecutor’s Office (Biser Lazov).’ The banker clarified that during the run on Corporate Commercial Bank, the bank paid more than 1 billion leva (500 million Euros) to depositors. Despite that, it still had more than 600 million leva (300 million Euros) in cash. It complied with all requirements on tier 1 and tier 2 capital.


Despite the promises Borissov and Porozhanov (minister of finance in Bliznashki’s caretaker government) made to Corpbank’s shareholders, the Bulgarian State took the decision to artificially bankrupt Corpbank. Key assets of the bank were stolen through cessions by those who organized the attack and their insider while borrowers like Peevski’s media did not repay their loans. In parallel, Corpbank’s liquid assets are being stolen through administrative expenses. It is shocking that currently Corpbank’s receivers in bankruptcy spend 7 million leva per month (3.5 million Euros) on salaries. When the bank was working and had more than 600 employees, the expenses in this area were less. In addition, the receivers in bankruptcy have paid more than 120 million leva (60 million Euros) to law firms for senseless claims which the bank has lost. It appears 75% of the fees was distributed as kickbacks to important addresses. In parallel, 5 years after its forced bankruptcy in 2014, Corporate Commercial Bank still does not have an audited financial statement for 2014.


Meanwhile, Bulgaria’s Prosecutor’s Office relies on falsified evidence and abuses of witnesses to prove its absurd accusations. Not only the Prosecutor’s Office is an accomplice in the raid against Corpbank, but also for them the current proceedings are a question of life and death. If the Prosecutor’s Office fails in these proceedings, they will expose the organizers of the attack on Corpbank.  


The banker expressed worries about the dual standards in the European Union, which allowed a mafia circle to take over Bulgaria’s justice system. ‘We need to be aware of the dual standards, of Brussels’ cynicism, of the cynicism of the European People’s Party. If you remember, the Oresharski government was permanently criticized by Brussels because of its hidden alliance with Volen Siderov. Now Siderov’s party is officially in Borissov’s government, but Jospeh Daul, Juncker and others have no problem with this.’


‘Don´t judge me based on what people say about me, but based on the enemies I have made. My enemies are, in practice, the enemies of Bulgaria’s rule of law,’ the banker concluded.


You can watch the interview in Bulgarian on YouTube here.


A Bulgarian transcript of the interview can be found here.

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