Panama Papers: Few Bulgarian Names Revealed

Only several names of Bulgarian entrepreneurs have surfaced out of the Panama Papers so far, three days after the affair emerged exposing global offshore dealings that involve politicians, celebrities and business people from around the world.

The first names whose stories have been published are the Banevi family (Nikolay Banev and Evgeniya Baneva), the owners of a business holding with diverse industrial and services activities, and Petar Mandzhukov, whose businesses have included media publishing and arms exports.

Since the Panama Papers story emerged, at least 50 companies, 16 company owners and 78 shareholders from across Bulgaria have been linked to registrations in offshore jurisdictions around the world, according to Sofia-based news daily newspaper 24 Chasa - the ICIJ's only reporting partner from Bulgaria.

Another 100 people were directors, agents, lawyers or liquidators; some of them were foreign nationals residing in Bulgaria or having Bulgarian passports.

On Tuesday Economy Minister Bozhidar Lukarski noted he was expecting to see "big names" in the list of Bulgarians mentioned in the documents, but did not elaborate.

Since the mid-2000s, the names of Nikolay Banev and Evgeniya Baneva have been entered as shareholders, representatives or attorneys for several companies registered on the Seychelles, the Bahamas or in Panama.

In all cases, power of attorneys are initially handed to Bulgarian nationals in the beginning, but later on in the 2010s, when the nations tighten legislation on ownership transparency, Ms Baneva takes over the respective companies.

Speaking to 24 Chasa to comment on the affair, she is quoted as saying there is nothing wrong about offshore companies owned by entrepreneurs, unlike politicians...