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Weekly Lists
July 21, 2017 www.intellinews.com I Page 22
bne:Banker Bulgaria indicts
14 over Corpbank collapse
The Bulgarian specialised prosecutor’s office has filed indictments against 18 people over the collapse of Corporate Commercial Bank (Corpbank).
In June 2014 Corpbank, then Bulgaria’s fourth largest lender, suffered
a bank run that deprived it of liquidity. It was put under central bank administration and an audit showed a BGN3.75bn (€1.92bn) capital hole. As a result, the bank’s licence was revoked and it was declared insolvent in April 2015. The Bulgarian Deposit Insurance Fund (BDIF) has paid out BGN3.68bn to Corpbank depositors since December 4, 2014.
The list of those indicted begins with Corpbank majority owner Tsvetan Vassilev, who has been a fugitive in Serbia since 2014 and has so far avoid- ed extradition to his home country. It also includes Corpbank officials, two KPMG auditors and two former central bank (BNB) deputy governors.
Austria's Raiffeisen Bank International (RBI) is preparing to file a com- plaint at the Croatian constitutional court later in July against a recent law that aims to declare thousands of its loans to Croatians void.
Earlier in July, the Croatian parliament adopted the law in question to protect local debtors against euro-denominated loans provided by several regional Raiffeisen branches in the southern Austrian province of Styria. The Croatian parliament has decided that Raiffeisen’s branches in Austria were neither licensed to operate in Croatia nor did they fulfil requirements to adequately screen the borrowers' ability to re- pay the loans. Raiffeisen calls the allegations unfounded and plans to fight the law in court. About 3,000 loans in question worth about €200mn were granted to Croatian borrowers 10 to 15 years ago.
RBI to sue Croatia over forex loans
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