Bulgarian Oligarchs Resign, Face International Arrest Warrant
In a stunning turn of events, the Chair of Bulgaria’s State Commission for Audio and Audiovisual Services (SCG) has resigned after being arrested in connection with a massive bribery scheme. The SCG was subsequently abolished.
The Center of the Scandal: Bojkov
Bojkov, a Bulgarian oligarch, is at the heart of the corruption scandal. He has been designated by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) for his involvement in corruption and bribery schemes.
Bojkov’s Political Party
According to sources, Bojkov registered a political party ahead of Bulgaria’s July 2021 parliamentary elections with the aim of targeting Bulgarian politicians and officials. This move is seen as an attempt to exert further influence over the country’s politics.
Sanctions Imposed
The US has also designated 58 entities owned or controlled by Bojkov, including companies in the gaming, media, and construction industries. These entities are now subject to sanctions under OFAC’s regulations.
Delyan Slavchev Peevski
Another Bulgarian oligarch, Delyan Slavchev Peevski, has also been designated by OFAC for his involvement in corruption and bribery schemes. Peevski is known for his close ties to government officials and was accused of offering bribes to senior Bulgarian government officials.
Peevski’s Companies
OFAC has also designated six entities owned or controlled by Peevski, including companies in the construction and real estate industries.
Sanctions Implications
The sanctions imposed on Bojkov and Peevski mean that:
- All property and interests in property held by these individuals or in the possession or control of US persons are blocked and must be reported to OFAC.
- Any entities owned 50 percent or more by one or more blocked persons are also blocked.
Prohibited Transactions
The sanctions prohibit all transactions by US persons or within the United States that involve any property or interests in property of designated or otherwise blocked persons, including:
- Contributions or provision of funds
- Goods or services
Global Magnitsky
The designations are part of the Global Magnitsky Human Rights Accountability Act, which aims to impose tangible and significant consequences on those who commit serious human rights abuse or engage in corruption. The US seeks to protect its financial system from abuse by these individuals and undermine their ability to continue committing these crimes.
Uncertain Future
As the scandal continues to unfold, it remains to be seen what other repercussions will follow for Bojkov and Peevski.