Luxembourg-based company ordered to pay back loan to Bulgaria’s defunct CCB

Sofia City Court has ordered Luxembourg-based V2 Investment to pay back a 125 million euro loan from now-defunct Corporate Commercial Bank (CCB), which it used to acquire the majority stake in Bulgarian Telecommunications Company (BTC). V2 Investment was linked, at the time of the BTC acquisition in 2012, to another investment vehicle owned by Tsvetan Vassilev, chief executive and majority shareholder of CCB. The court ruled that V2 Investment repaid none of the loan principal it owed, with the company arguing that a large part of the loan (85 million euro) was past its statute of limitations. ...
The Sofia Globe staff
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