Sat, Feb 11 2012

Kovachki-owned company suspected of 10M leva tax fraud

Fri, Aug 14 2009 17:04 CET

byRene Beekman

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Kovachki-owned company suspected of 10M leva tax fraud

Photo: Цветелина Ангелова

A company, owned by Bulgarian businessman and aspiring politician Hristo Kovachki, was suspected to have drained 10 million leva in tax fraud schemes.

The accusations were to be added to other charges in a pre-trial investigation that is underway against Kovachki, Bulgarian broadcaster Mediapool said, quoting anonymous sources.

The case is expected to reach court in September 2009.

According to Mediapool, Kovachki has direct or indirect participation in more than 40 different companies.

Kovachki had been briefly detained in November 2008 on accusations of tax fraud, but was released on bail, Mediapool said.

The tax had allegedly been drained through a scheme in which equipment was said to have been bought and re-sold within a group of connected companies.

The scheme was said to be similar to that used in the Mario Nikolov case in which meat-processing equipment was said to have been bought and re-sold, allegedly draining an estimated 40 million leva in VAT. This case was brought to the attention of the prosecution by European financial fraud watchdog OLAF in an investigation into abuse of Sapard funds.

The prosecution was still investigating remaining companies owned by Kovachki, which it suspected to have also been involved in tax fraud.

Mediapool quoted sources as saying that new court cases against Kovachki and his companies could be expected by next year.

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