Bulgarian Madoff ripped off Srbijagas a la mode of CorpBank

€60m have been plundered from the Serb gas company

Tsvetan Vasilev

Tsvetan Vasilev, a banker hiding from the Bulgarian justice is now charged for plundering nearly €60m from Serb gas company Srbijagas using the tricks he employed for draining the CorpBank in Bulgaria, reports the Belgrade “Blitz” in an article titled “Machinations of a Bulgarian Businessman.”

The media of Serbia have been investigating for several months the shady affairs of the Bulgarian Madoff, an oligarch who is using this country as a refuge where he can get away from the Bulgarian justice.

The Bulgarian businessman (and a crony of Tomislav Nikolic) has not only ruined the Serb Glass Factory (in the town of Palacin) but also inflicted damages on Srbijagas company. 

The shady deals in Serbia of the Bulgarian who is on the Interpol “wanted list” date back to 2006 when the factory was bought by the Rubin Bulgarian Company. Later, in 2012, it transpired that the company was controlled by Vasilev. After an investigation for money laundry was launched against him in Bulgaria he fled to Serbia asking for political asylum and tried to “pull his wires,” writes the Belgrade Blitz. The enquiry of the Serbian media reports that buying the Paracin factory the Bulgarian Madoff promised to invest €25m and to take part in some of the social programmes. According to the sources of the media, by the moment when Vasilev has bought “Paracin”, 4, 670 workers were employed in the factory.

Two years and a half later, only 1,700 people were employed while the debts have soared by €35m, at that these were the debts to Srbijagas, reveals the Blitz source. The media points out that in 2009 the state had to interfere in order to save the factory.

This happened after the debt of Vasilev to Serbijagas amounting to €35m was transferred to capital, thus the Serb company became a majority owner of Paracin while the minority share remained with Rubin, ownership of Tsvetan Vasilev. According to the Blitz source, Srbijagas in the next 30 months will invest €1m for gas and another €750,000 for paying personal incomes, which entails a new debt to Srbijagas amounting to €60m.

Tsvetan Vasilev is trying by hook and by crook to get in touch with the top officials of Serbia in order to avoid extradition to Bulgaria. He is worried that the investigation against him, which is already underway in Serbia, too, would expose his machinations in this country as well.  

 

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