Bulgarian CCB trial failed to be launched

Bulgarian CCB trial failed to be launched
Bulgaria’s special criminal court was unable on December 13 to start proceedings in the trial related to the collapse of the Corporate Commercial Bank, an expected outcome in what is shaping up as one of the most complex and high-profile cases in the country’s recent judiciary history.

CCB, Bulgaria’s fourth-largest lender by assets at the time, asked to be put under special supervision of the Bulgarian National Bank (BNB) on June 20 2014, following a bank run. An audit several month later found that the bank held mainly impaired assets, requiring a write-down of 4.22 billion leva (about 2.16 billion euro), which led to CCB losing its banking licence in November 2014 and triggered the payout of 3.7 billion leva in depositor claims, which required a government loan of more than two billion leva for the state deposit guarantee fund to meet all claims.

In July, the country’s prosecutor’s office said that it concluded its investigation into the events preceding the bank’s collapse and indicted 18 individuals as part of the investigation, starting with Tsvetan Vassilev, former majority shareholder and chief executive of CCB, who is currently in Serbia and has been successfully fighting off extradition requests lodged by Bulgarian prosecutors.../IBNA

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