23.02.2016

Minister of Finance Vladislav Goranov sent to the Registry Office of the National Assembly the report of AlixPartners Services UK LLP on the tracing of the assets of Corporate Commercial Bank AD (in bankruptcy). He did so after the receipt, at the end of the working day yesterday, of the reply of the company to the receivers in connection with the request for disclosure of the report.

The letter of AlixPartners expressly states the opinion that the confidentiality provisions of the report should be respected in the interest of protecting the bankruptcy estate of CCB AD (in bankruptcy). In view to satisfying the public interest in the true facts behind the bankruptcy of CCB the company makes a compromise consenting to the submission of the report only to the Classified Information Registry of the National Assembly so that Members of Parliament can familiarize themselves with it, provided that the report is not copied and/or distributed. The company puts forward the argument that the report contains financially and commercially sensitive information and its release risks damaging the process of recovery of the assets of the bank.

The authors of the report firmly state that the document should be considered authentic only in its original English language version and that they do not take any responsibility for its content in the translations into Bulgarian language.

We would like to remind that the receivers of Corporate Commercial Bank AD (in bankruptcy) engaged the international company in June 2015 to conduct an investigation and to trace the assets of the bank whereof it has disposed in violation of the law and the good banking practices, as well as to recommend actions for their recovery. The report was submitted to the receivers of the bank on 23 September 2015.