CIA called to banker's defence
17 March, 2017
Fugitive banker Tsvetan Vassilev's mouthpiece Frog News is once again putting the fake news factory into motion. The website has published the latest in a string of false allegations regarding Rousse Shipyard West. In a long article rife with blatant lies, the website claims that the bank’s bankruptcy administrators “have been destroying the enterprise”, as if it was in perfect state to begin with.
Let us remind that in the analysis published by CorpBank’s administrators on 9 February 2017, Rousse Shipyard West was singled out as a glaring example of asset theft. Following CorpBank’s collapse, the shipyard, which had been extended over €30m in loans by the lender, was plundered by firms affiliated with Vassilev in no time. CorpBank’s administrators reveal that despite the special collateral pledged by the company in favour of the bank, new collaterals appeared out of nowhere and eventually, after a series of debt sales, the assets wound up in the ownership of the shell companies New Lighthouse, VIP 8, Fabria and Fox Company, set up for that one purpose alone. And so, all of the shipyard’s equipment, which is supposed to be part of the company holdings and serve as collateral for its debt obligations to the bank, was effectively “sold” for less than BGN 200,000. Moreover, on 18 May 2016 Rousse Shipyard AD and Rousse Shipyard West signed an agreement, with which the former rented real estate, buildings, machinery and ship construction and repair facilities for the total price of BGN 48,000 before VAT for the entire 2-year period of the contract, i.e. BGN 2,000 per month before VAT. And so, at this point in time the shipyard essentially owns no equipment or real estate. It is the perfect fraud scheme, devised by Vassilev and the managers and executive directors controlled by him in an attempt to prevent assets from being included in CorpBank’s insolvency mass in spite of multiple lawsuits filed by the lender.
According to another fake news disseminated by Frog News lately, an “anonymous” person sent an email to the editorial office with an enclosed report by the CIA claiming that the international consulting firm AlixPartners never investigated the CorpBank case. Allegedly, it got the necessary documents regarding the bank from Bulgarian institutions and simply legalised them, rendering Bulgarian reports null and void. Obviously, the fugitive banker hiding in Serbia does not like the assertions proven in the AlixPartners report that he left a BGN 5.7bn hole in the bank’s books.