Bulgarian pension insurance company Doverie has published documents refuting media allegations that its funds were siphoned through investments in Alfa Energy Holding bonds and repo-deals in Kaolin and Solarpro Holding shares. Instead, the funds earned nearly 1.8 million leva (0.9 million euro) from the transactions, the company said, presenting records from its depository bank.
The media speculations were started by BGNES news site and were actively circulated by newspapers and television channels connected with Movement for Rights and Freedoms’ MP Delyan Peevski and Corporate Commercial Bank’s owner Tsvetan Vasilev. The publications were based on compulsory measures imposed by the Financial Supervision Commission (FSC) against investments of Doverie’s funds in companies connected with Alfa Finance Holding (where majority shareholder is Capital’s co-publisher Ivo Prokopiev).
The strange thing is that the deals were conducted in 2011, while the financial regulator only interfered earlier in 2013, Doverie said. Besides, it is hard to explain why the publications focused on Doverie, given that it was not the only investor. ‘That was obviously a targeted campaign connected with the pending sale of Doverie,’ company’s management board chairwoman Daniela Petkova told a general meeting. ‘We believe that all this has been happening with FSC’s assistance,’ she said. The company will hire two auditors to check if the investments violated the law and caused losses to the company. Doverie will use the findings to file a lawsuit and protect the interests of its shareholders, Petkova said.
Read more in Bulgarian here.