The fraud and embezzlement case against Bulgarian bussinessman, Hristo Kovachki, began in a Sofia courtroom today. Kovachki is charged with embezzling 16.7 m leva ($12.03 m) from value-added tax (VAT) refunds.
Kovachki, whose business interests run the gamut from banking and insurance to mining and energy, is accused of selling hardware equipment to his own companies and pocketing the VAT from the transactions. The scheme occurred during two periods, the first between February 14th, 2005 through September 14th, 2006, with the second period running from October 16th, 2006 through July 14th, 2008.
The official investigation into Mr. Kovachki’s business affaris began at the end of October 2008.
For the original story from The Sofia Echo, please click here.
Photo by: Tsvetelina Beloutova