Bulgaria's Technomarket CEO Released on Bail in Tax Fraud Probe

Nikolay Kitov, founder and CEO of Bulgaria-based Technomarket consumer electronics and household appliances chain, has been released on a BGN 10,000 (EUR 5,000) bail by Sofia City Court (SCC), according to BGNES.

Kitov was detained three days ago in Sofia on a European Arrest Warrant issued by prosecutors in Monza, Italy in an investigation of his suspected participation in a tax fraud scheme.

Kitov has denied any wrongdoing.

The SCC decided on Friday that there is no risk that Kitov will attempt to hide to evade justice. The decision to release him on bail can be appealed in a higher court.