Tsvetan Vasilev Has Sought Contact with Authorities in Belgrade

Tsvetan Vasilev, majority shareholder of Bulgaria's troubled Corporate Commercial Bank (Corpbank or KTB) has sought contact with police in Serbia's capital Belgrade.

Vasilev's lawyer Konstantin Simeonov told Novinite.bg that the purpose of Vasilev's visit to a Serbian police station was to present himself and certify his whereabouts as well as learn whether police have any questions to ask him.

"I chose the easiest solution," Vasilev said at visiting the police station where he appeared at 11am Belgrade time accompanied by his lawyer. From there Vasilev was transferred to Belgrade police headquarters where his identity is being verified.

"The only thing that Vasilev expects is KTB's recovery," Simeonov told Sofia-based Nova TV. According to him, a potential KTB insolvency would have very serious consequences for Bulgaria's economy

Meanwhile, the Bulgarian National Bank (BNB) decided to extend its special supervision over KTB and its wholly owned subsidiary Victoria Bank by two months, to November 20 and November 22, respectively.

Shareholders and other potential investors, who have stated they are willing to restructure KTB, will be given the opportunity to make a proposal with concrete financial and legal commitments for providing capital and liquidity from 28 October to 20 November.