Illegal Assets Confiscated in Bulgaria To Amount to BGN 20 M by end-2016

A record-high BGN 18.5 M in property has been confiscated on behalf of the state after it was discovered that the assets have been acquired illegally. Another BGN 13 M in property have to be ruled on by the court. Thus, the total amount will reach BGN 20 M in assets confiscated with sentences that have entered into force.

The announcement was made by Plamen Georgiev, Chairman of the Commission for Illegal Assets Forfeiture, at the presentation of the completed project on Improving the Asset Recovery Programme in Bulgaria under the Norwegian Financial Mechanism.

"For 2015 and 2016, in relation to the KTB case, property under duress is for over BGN 1 B, while the legal suit for confiscation amounts to BGN 2.2 B and this is without precedent in Europe," explained Georgiev, cited by investor.bg.