Tsvetan Vasilev
| Tzvetan Vassilev | |
|---|---|
| Born |
August 12, 1959 Gabrovo, People's Republic of Bulgaria |
| Nationality | Bulgarian |
| Alma mater | University of National and World Economy |
| Occupation | Chairman of the Supervisory Board of Corporate Commercial Bank AD |
| Years active | 1985–present |
Tsvetan Vasilev (also spelled Tzvetan Vassilev; Bulgarian: Цветан Василев; born 1959) is a Bulgarian banker, accused of the bankruptcy of Corporate Comercial Bank (Corpbank) He was charged with embezzling 2,5 billion leva ($ 1,5 billion) from Corpbank together with 17 other people suspected of involvement in the bank's collapse. The charges were raised in July 2017. As of now the case is already at a trial phase. However Tzvetan Vassilev is being sued in absentia because he fled to Serbia from the Bulgarian Justice. Reuters called the investigation against him "one of the Balkan nation’s biggest post-communist fraud investigations". “In essence the Corpbank model.... is a mechanism through which a group of people led by Tsvetan Vassilev managed to appropriate the public funds attracted and entrusted to them for management in the bank,” the prosecutors said in a statement.
While hiding in Serbia Tzvetan Vassilev started a secondary robbery of the bank, trying to steal assets financed by Corpbank being helped by businessmen with controversial reputation, some of them - Russians. This is the case with Pierre Louvrier - a Belgian-Russian businessman, partner of the Russian oligarch Konstantin Malofeev who is in the blacklist of the US State Department. And also the case with Dmitry Kosarev - another businessman close to Malofeev, to whom Vassilev attempted to sell some of the assets, financed by the bankrupted Corpbank.
Vasilev is Chairman of the Supervisory Board of Corporate Commercial Bank AD, the fifth bank in Bulgaria based on assets, as well as its majority shareholder. Tsvetan Vasilev also chairs the Supervisory Board of Victoria FATA Insurance as well as the Supervisory Board of Vivacom, a Bulgarian telecom company. Vasilev is the recipient of the badge of honor of the University of National and World Economy in Sofia and Doctor Honoris Causa of the "St Ivan Rilski" University of Mining and Geology.
Tsvetan Vasilev holds a master's degree in International Economic Relations from the University of National and World Economy. After graduation, he worked as a research fellow in economics at the Center of Foreign Trade and International Markets for seven years.
Tsvetan Vasilev started his career in finance in 1992 when he founded his brokerage company Bromak EOOD and his investment intermediary Fina-S AD. Between 1995 and 1999 he headed the Foreign Exchange Operations and Liquidity Department of Central Cooperative Bank, and in 1997 he also became member of the bank's Board of Directors. In 1999 he left Central Cooperative Bank to head the Markets and Liquidity Department at CB Bulgaria Invest (now Allianz Bulgaria Commercial Bank).
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