site.btaList of Corpbank Creditors Published in Commercial Register

List of Corpbank Creditors Published in Commercial Register

Sofia, August 18 (BTA) - The list of creditors of Corporate Commercial Bank (Corpbank) was published by the Commercial Register on Tuesday. Three banks will be the first to receive their funds when the assets of the bankrupt Corpbank are sold. These are the German Commerzbank, the French Societe Generale and the Bulgarian Development Bank (BDB), the list shows. The document includes depositors, as well as persons with receivables for guarantees, calculated compensations, salaries, terminated contracts and others.

On June 20, 2014, Corpbank (Bulgaria's fourth biggest lender) suspended all operations after a panic run by depositors left it illiquid. The BNB Governing Council withdrew Corpbank's banking licence on November 5, 2014, and the bank's bankruptcy was petitioned on November 7. The Bulgarian Deposit Insurance Fund started repayment of the guaranteed deposits with Corpbank on December 5.

The receivables of the two foreign banks and the Bulgarian state-owned bank are secured. They will receive them on grounds of Item 1 of Article 94 of the Bank Bankruptcy Act.

Commerzbank has to receive 12.45 million leva. Societe Generale has a receivable of 41 million leva for a fixed-term loan, as well as another 3.5 million leva. BDB has to receive over 46 million leva under a bank refunding programme and the programme of the German financial institution KfW.

The secured receivables total over 103 million leva.

Enterprises

The largest amounts due to enterprises are topped by Sofia's Toplofikatsia heating utility (over 90 million leva which were deposited in the bankrupt Corpbank).

The Dunarit ordnance plant has to receive over 85 million leva, as do the Telish winery and the National Radio and TV Broadcasting Control which are associated with banker Tsvetan Vassilev.

The funds of a number of state-owned companies have also been blocked. These include the troubled BDZ Holding railways (3.8 million leva), Bulgartransgaz (60 million leva), Bulgarian Energy Holding (14.7 million leva), National Electric Company (15 million leva), ESO (5 million leva), Kozloduy N-plant (4.5 million leva), and Sofia Airport (28.6 million leva).

State hospitals St. Anna in Sofia and Varna, two hospitals in Plovdiv, as well as the university hospital in Pleven are also on the list.

The Privatization and Post-privatisation Control Agency held 10.7 million at Corpbank and the National Revenue Agency has to receive over 3.2 million leva.

Politicians

The list contains the names of natural and legal persons covering 173 pages. It was compiled by June 22 and does not include receivables already paid because they were covered by the guarantee.

Well-known politicians like Ivan Kostov and Vezhdi Rashidov, who themselves admitted they had deposits exceeding the guaranteed 196,000 leva, are not on the list. At the same time, the Honorary Chairman of the Movement for Rights and Freedoms, Ahmed Dogan, is included with the sum of 694,000 leva.

The Bulgarian Deposit Insurance Fund is also on the list. By August 17 it has paid 3,647 million leva to depositors with the guaranteed up to 196,000 leva.

Corpbank's trustees into bankruptcy, lazar Iliev and Rossen Angelchev, requested an extension of the deadline for preparing the list on two occasions.

The time-limit for appeal if 14 days, after which the trustees have another 7 days to pronounce themselves on the claims.