site.btaSpecialized Court Has Five Corpbank Bankruptcy Witnesses Held in Indefinite Custody

106 JUSTICE - CORPBANK - WITNESSES - ARREST

Specialized Court Has Five Corpbank
Bankruptcy Witnesses
Held in Indefinite Custody


Sofia, January 13 (BTA) - The Specialized Court has ordered five witnesses in the case of Corpbank's bankruptcy held in indefinite custody. Vassil Shoumanov, Ventsislav Todorov, Ivan Stoikov, Krassimir Zarev and Nikola Kirov have been charged with crimes against the financial system.

The court declined to grant the defendants a hearing. The ruling is appealable before the Specialized Criminal Court of Appeal.

Corpbank, then Bulgaria's fourth biggest lender, suspended all operations on June 21, 2014 after a run on deposits. The court declared the bank bankrupt on April 22, 2015. The bank's majority shareholder Tzvetan Vassilev and several former Corpbank executives are being tried for allegedly embezzling some 2,559 million leva from the bank.
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