Our money’s on the hairy guy.
According to maverick investigative journalist Jurgen Roth AIB may have literally been given an offer they couldn’t refuse when they sold half a bank for €100,000 this week.
He told Sofia news agency Novinite back in February:
“The story is incredible, but was confirmed through inquiries to to those concerned. The matter on hand is Bulgarian State-support, through some very unconventional actions, for the powerful and shady business group known as TIM, which many media connect to organized crime,” Roth writes.
Roth says that in January of this year, the investment fund Expat Capital Sofia had asked permission from the Bulgarian National Bank (Central bank) to purchase fifty percent of the shares of the Bulgarian-American Credit Bank (BACB) in Sofia.
These fifty percent were owned by AIB, purchased at a cost of €260 million three years earlier.
The first response from the Bulgarian National Bank had been positive. For this reason Expat Capital Sofia had commissioned KPMG to carry out a Due Diligence verification.
After finding out the KPMG’s report is satisfactory, Expat had submitted an offer to the Irish Bank, for the purchase of the shares for EUR 7 M. At the same time, representatives of AIB had been invited to Sofia to receive final approval for the sale of their stake.
This is not going to end well.
They had arrived in mid-February without even imagining what was in place for them and for Expat at the Bulgarian National Bank. They were personally received by the BNB Head, Ivan Iskrov, who explained to them it would be better if they give up the EUR 7 M and rather offer their share to the Central Cooperative Bank, and for BGN 1 – the equivalent of EUR 0.5, according to the German journalist.
“The proposal had been provided in writing to the representatives of the Irish Bank on February 23, 2011. The Central Cooperative Bank is part of the TIM group, regularly mentioned by media in connection with high-profile organized crime. What explanation is there about bankers from Ireland and representatives of Expat Capital being offered to sell the shares for BGN 1 to the TIM group, and to knock out EUR 7 M?”
It’s not personal.
It’s business.
German Journalist: Bulgarian PM Protects Shady Business (Novinite)
Earlier: AIB Paid €260 Million For Half A Bank And Sold It For €100,000