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Inspection starts in Bulgarian Development Bank

Photo: Ani Petrova

A commission for transparency and control of public funds in the Bulgarian Development Bank (BDB) will start work by the end of the week, the Ministry of Economy has reported. The bank which has become 100% state property, will be inspected over procedures for granting loans totaling over 500,000 euros. The commission  said the largest borrowers were 3 companies with loans over EUR 71 million, two companies with loans of over 59 million euros and three companies with 30 million euros each.

Among them are companies related to Delyan Peevski, the Domuschiev brothers and others. Former Minister of Economy Lachezar Borisov said there was "nothing worrying" about the fact that the biggest borrowers from the Bulgarian Development Bank were companies owned by major businessmen.

The bank has been repeatedly criticized for not fulfilling its main function - supporting small and medium-sized businesses.

BDB said it would provide full cooperation to the inspectors.

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