site.btaFinance Minister Goranov: Report of AlixPartners Services UK LLP on Failed Corpbank's Operations Confidential But Not Secret

Finance Minister Goranov: Report of AlixPartners Services UK LLP on Failed Corpbank's Operations Confidential But Not Secret

Sofia, November 6 (BTA) - The report of AlixPartners Services UK LLP contracted to trace and take action for the preservation and recovery of assets of the failed Corporate Commercial Bank (Corpbank) will not be published as the agreement between the bank's trustees in bankruptcy and the British company has a confidentiality clause, Finance Minister Vladislav Goranov said during Question Time in Parliament on Friday. Goranov had been asked by MPs Martin Dimitrov and Peter Slavov about the outcome of the investigation into Corpbank's failure. The two MPs also proposed that the information about companies and individuals who had contributed to the bankruptcy be made public.

The report from AlixPartners was made available to the trustees in bankruptcy at the end of September and is still being analysed and discussed, Goranov said. The Minister also said that disclosing information from the report would impede the collection of the bankruptcy estate. The report cannot be filed in the Secrecy Department of Parliament either as it is not classified.

Goranov said he has not been familiarized with the report either. He agreed with the two MPs that the information about who is to blame for the bank's failure should be made public. Goranov suggested that the MPs and the trustees in bankruptcy discuss what portion of the information can be published.

Corpbank (Bulgaria's fourth biggest lender) suspended all operations in June 2014, after a panic run by depositors left it illiquid. The central bank's Governing Council withdrew Corpbank's banking licence in November 2014. The bank was adjudicated bankrupt in April 2015.