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Belgium,Bulgaria : BANKS sell plots for BGN 77 million in BULGARIA.

40 plots were on sale by private enforcement in March. The price of all plots totals more than BGN 77 million. Some of the plots have been put on sale for the 3rd or 4th time, but their price is decreasing, as there is no investors yet.

The leader among them plots is a plot with a total area of 88,538 sq.m. near the Central Sofia Cemetery.

The plot is owned by Rubin Investment Group. Its owners are Chavdar Chernev and Diyan Stanchev. Stanchev is a member of the board of directors of a number of other companies, who is the owner of Tsvetelina Borislavova, Chairperson of the Bulgarian-American Credit Bank (BACB).

This includes Coronation Strategic Income (CSIF) Fund, who is a majority shareholder in BACB, Despred Plc and Pamporovo Hotels.

This property has been pledged as collateral with CIBank and not with BACB.

In 2007, Tsvetelina Borislavova had not yet sold CIBank to Belgian KBC Bank. Therefore, the Belgians received the massive loan. Managers of CIBank think they will be able to sell the property to expand the Central Sofia Cemetery. In this way, Diyan Stanchev's problem will be solved with taxpayers' money.

The plot for sale in March is RMS Tower BG. Its price is BGN 4.82 million. The plot is pledged as a collateral with UniCredit Bulbank in exchange for a loan worth EUR 9.17 million in 2007. The company is owned by BD Investment.

Its shares include New Green Energy, RMS Tower BG, and Dobrotika. Shares in these companies have been distrained by UniCredit Bulbank, Raiffeisenbank Bulgaria and Raiffeisen Leasing.

Apart from the aforementioned banks, there are more banks that are waiting to receive their claims, such as Central Cooperative Bank, BACB, and DSK Bank.

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Publication:Mena Report
Date:Mar 10, 2014
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