Spas Russev Out of BTC

Originally posted by BIG5, March 10, 2017

The businessman has been unable to get into BTC for more than 15 months after the fabricated tender procedure.

Despite his more than 10 attempts to control the management of Viva Telecom Bulgaria, as well as those of the Supervisory Board and the Managerial Board of the BTC, in the end of February the Supreme cassation Court stipulated that the businessman from Pernik and his close associates would not control the companies before the issues with the legitimate major owner of the companies, Mr. Kosarev, have been solved.

The Supreme Cassation Court statement was also confirmed by a number of definitions by the Sofia-city Court and by the Sofia Court of Appeal, by which were rejected Spas Russev’s demands for registration of new managers. On its behalf, even the Commercial Registrar rejected Russev’s petitions, and at the following appeals the Court confirmed the merits of those rejections.

It was exactly Spas Russev and VTB’s impossibility to draw BTC off, as they planned - as a result of a suspicious tender of November 2015 - that was in the root of the refusal from “Levski”. With regard to the strange transfer of EUR 2 000 000 from BTC to VTB, made in November 2016 by the chief executive director of BTC, Mr. Atanas Dobrev, and to the plans to draw another EUR 43 000 000 off, the Prosecution has already been approached, which was confirmed by the beginning of an investigation under the case.

The followed sale of the last ready assets of the Russevs in Bulgaria and the garnishing of assets on the behalf of Spas Rusev’s creditors around the world, combined with the Bulgarian court rulings under the “BTC” case, show that after relinquishing Levski, Spas Rusev is in definitive impossibility to seize the BTC. The planned sale of a central property of the BTC is just another attempt to draw funds off and which would actually fail.

The pending appeals of the CPC decisions, stipulated in favor of Russev in breach of the law and at the presence of an obvious political errand, are on their way to finally confirm the inability of Russev and VTB to finish the attempt for hostile buyout of BTC.

The investigation of the tender from November 2015, which the Prosecution stubbornly refused to deal with, will reveal the scales of the prepared plan for harming the interests of the state on the behalf of Russev and the VTB, together with the political, economic and media groups standing behind them. The assignees of CCB, on the other hand, are continuing to support the process and are not in a search of those BGN 150 million that were supposedly waiting for them in accounts of VTB in London.

After the Court defiantly confirmed Spas Russev’s inability to control and draw BTC off, the whole truth about the strange tender held in November 2015 and the real goals of the participants in it will be revealed. Hopes are that, unlike KPMG, the main organizer of the “tender” – “Ernst & Young” – will not avoid the revocation of its license, as well as that Atanas Dobrev will be kept responsible for transfers to VTB by which BTC has been financing its own acquisition.

Sasha Winter

Production Ru Communication Group, 2/4 строение 16 Лужнецкая набережная, Москва, г. Москва, 119270