Bulgarian Telecommunications Company

Spas Rusev, the businessman who was transferred the ownership of Bulgaria's renowned Levski football club this year, may be preparing to leave club, sources say.

Rusev got the all shares at Levski earlier this year.

A provocative exhibition revealing the unknown faces and images of some of the most famous Bulgarian and world stars will be presented in Vivacom Art Hall on November 17, at 19.00.

Beyond the Portrait is a special selection featuring the best of personal projects of the young photographer Ivaylo Petrov from the last two years.

Bulgarian businessman Tsvetan Vasilev drained BGN 2.5 B out of his own bank through special purpose vehicles, consultancy firm AlixPartners says in a report made public on Tuesday.

The report had been ordered by officials to track down the assets of Bulgaria's fourth-largest lender after its insolvency was declared in 2014.

Although Bulgaria's internet service providers are generally not infiltrated by "organized crime or corrupt politicians", fears are growing that a Russian businessman might get a hold of the biggest Bulgarian telecom, a recent analysis argues.

The Bulgarian businessman Spas Rusev has reportedly acquired the leading Bulgarian telecommunications company Vivacom after a bidding, which lasted for nearly sixteen hours.

According to media reports, he won the auction by offering EUR 330 M, Darik radio reports.

The other bidder was the Greek businessman Panos Germanos, who is owner of the Olympia Group.

There are two bidders to acquire Bulgaria's Vivacom, in an auction that started Thursday morning and has been going on for more than 12 hours.

Bulgarian daily 24 Chasa wrote Thursday evening it was "nearly a hundred percent certain" the two candidates were Spas Rusev (a Bulgarian) and Panos Germanos (a Greek citizen who joined forces with hedge fund Third Point).

Three potential buyers have placed binding bids for Bulgaria's Vivacom by Thursday's deadline, Sofia-based Capital weekly reported.

VTB Capital plc announced Wednesday it had hired one of the big four audit, consulting and advisory services firms to advise on the immediate sale of the leading Bulgarian telecom operator Vivacom.

VTB is currently a security agent for a EUR 150 M bridge loan to the indirect holding company of ("BTC EAD") Vivacom - Luxembourg-based Investment S.a.r.l (InterV).