Bulgaria to Rule on Technomarket CEO's Extradition to Italy

A Bulgarian Court is to rule on Monday whether to extradite Nikolay Kitov, a Bulgarian entrepreneur whom Italian authorities suspect of involvement in a tax fraud scheme.

Kitov was detained by Bulgarian authorities who acted in compliance with a European Arrest Warrant.

Just a few days after his detention, however, he was released on bail.

It was later reported that, according to Italian prosecutors, he had taken active part in a "carousel" scam. The latter normally involves the so-called "missing traders" used by organized criminal gangs to steal value-added tax (VAT) from governments.

Italian officials suggest the tax scheme might have been worth over EUR 70 M.

Kitov founded Technomarket in 1992 as one of Bulgaria's top retail chains for household electronics.