Bulgarian Madoff tries to cheat Serb court

Tsvetan Vassilev

Banker Tsvetan Vasilev, aka Bulgarian Madoff, who is hiding from the Bulgarian justice in Belgrade, has tried to cheat on the Serb justice system as well, writes Blitz, Belgrade newspaper as quoted by BTA.

According to Blitz, in order to reap big cash from the Serb Glass Factory Bulgarian oligarch Tsvetan Vasilev concealed bank transactions from the National Bank of Serbia and later demanded replacement of a bankruptcy judge who exposed his scheming. Vojislav Ilic, Vasilev’s lawyer, demanded replacement of the Commercial Court chair in Kragujevac, who as of the beginning of this year is again deciding whether the Glass Factory will be declared potentially insolvent.

The final decision on the replacement of the judge will be taken by an ad hoc council, which is the reason for its postponement at least till autumn. Although a new bankruptcy procedure (a second one since 2015) was announced in September of 2017, the Appellate Court declared this decision null and void. One of the possible reasons may be a criminal suit filed against Vasilev at this particular time, his lawyer and a group of persons who one way or the other were managing the factory during the previous years, Blitz says further.

The criminal suit was filed exactly because of suspicion of bankruptcy fraud. The new procedure carried on by a new judge provided new evidence confirming these suspicions and turned against Tsvetanov&Co who by all means want to declare the Glass Factory bankrupt and lay hands on the outstanding debts of the once rich industry giant, which in their opinion are due to them, Blitz reports.




Similar articles

  • President appoints new caretaker government

    President appoints new caretaker government

    This morning, President of Bulgaria Rumen Radev dissolved the acting caretaker government and presented the new one, which had to be formed after the 46th National Assembly failed to form a regular cabinet. There are three new faces in this latest caretaker government, led as its predecessor by Prime Minister Stefan Yanev. Daniela Vezieva is set to take the reins of the economy, Valeri Belchev is to steer finance, while Hristo Alexiev heads the Ministry of Transport.

  • Bulgaria approves six European Delegated Prosecutors

    Bulgaria approves six European Delegated Prosecutors

    Meeting on Friday, the 11-member Prosecutors Chamber of the Supreme Judicial Council approved six European Delegated Prosecutors (EDPs) from Bulgaria after two days of hearings of all applicants for the position. A total of 23 Bulgarian magistrates (6 judges, 15 prosecutors and 2 investigating magistrates) applied for the position.