KTB

Tsvetan Vaslilev, majority owner of collapsed Corporate Commercial Bank, has said the crisis at the bank has been orchestrated by politicians.

KPMG Bulgaria will be fined BGN 100 000 due to major shortcomings and discrepancies in the audits of the Corporate Commercial Bank (KTB, Corpbank).

In 20 work days, since December 4, the Bulgarian Deposit Insurance Fund (BDIF) has paid off 90% of the insured deposits at the Corporate Commercial Bank (KTB, Corpbank), or BGN 3 250 000 000, according to BDIF Chair Radoslav Milenkov.

Bulgaria guarantees bank deposits of up to EUR 100 000.

The Sofia City Court has stopped insolvency proceedings launched at Corporate Commercial Bank (KTB).

At its first session on the case held Monday it thus complied with the appeal filed by KTB's majority owner Bromak with the Supreme Administrative Court.

The Sofia City Court (SCC) will hold its first session on the Corporate Commercial Bank (KTB) insolvency case on Monday.

Last week the majority owner Bromak had filed an appeal with the Supreme Administrative Court (SAC) over the central bank's decision to withdraw KTB's banking licence.

The majority shareholder in Bulgaria's collapsed Corporate Commercial Bank, or KTB, has appealed the central bank's decision to scrap KTB's banking licence, frognews.bg reported on Wednesday.

Bromak, a company owned by Tsvetan Vasilev, is KTB's majority shareholder. The appeal was filed with the Supreme Administrative Court (SAC).

Depositors in Bulgaria's troubled Corporate Commercial Bank (KTB, Corpbank) will initiate collective action against the state at the European Court of Justice in Luxembourg and the Court of Human Rights in Strasbourg.

Caretaker Finance Minister Rumen Porozhanov has said that depositors may get partial access to their funds at Bulgaria's troubled Corporate Commercial Bank (KTB, Corpbank) in September.

The Expert Consultative Council on KTB, a Bulgarian business representatives' group, has proposed a list of measures to rescue the troubled lender without burden to taxpayers.