A wave of news shook the financial circles in our country after Stoyan Mavrodiev, the former governor of the Bulgarian Development Bank (BDB), was officially accused of embezzlement. After the Serbian authorities handed him over to Bulgarian institutions, Mavrodiev was detained by a prosecutor's order for a period of 72 hours.
Charges and arrest: What's happening?
The former banker's lawyer, Emanuil Yordanov, confirmed to the media that his client has already been charged and is in custody.
Within the next three days, the competent authorities will decide what the final measure of detention will be against the former banker.
The former governor of the Bulgarian Development Bank (BDB) Stoyan Mavrodiev was brought in as a defendant for embezzlement and has been detained by a decree for 72 hours, his lawyer Emanuil Yordanov told journalists.
It is not yet clear exactly what the final measure will be, he said. Yordanov.
Extradition and legal procedures
Today was marked by the official handover of Mavrodiev by the Serbian authorities to the Bulgarian law enforcement agencies - a move that marks the beginning of a new stage in the investigation, BTA pointed out.
The prosecution is expected to clarify the details surrounding the accusations of embezzlement, which cast a shadow over the management of the BDB in the past.
Emanuil Yordanov explained to BTA that back in time Mavrodiev had testified as a witness when the pre-trial proceedings began, and today he has not given any explanations. According to him, Mavrodiev voluntarily wanted to return to Bulgaria and has issues that he has to resolve on a personal level.
He told me that he was returning so that he could actively participate in the proceedings and clarify the truth as it is, the lawyer commented. When asked what the logical measure for such proceedings is, Emanuil Yordanov replied that it is normal for Stoyan Mavrodiev to be on a "cash bail" measure.
The former banker's lawyer also said that he expects a fair trial. One option is for the case to be brought to court with an indictment, and the other - termination of the criminal proceedings, he explained, adding that "Stoyan Mavrodiev has reason to be optimistic about the outcome of the proceedings."
What's next for Stoyan Mavrodiev?
In the next 72 hours, the court will determine whether Mavrodiev will remain in custody or be released on bail. The case arouses wide public interest and raises questions about transparency and control in state financial institutions.
The penalty provided for in the law for these charges is from 10 to 20 years of imprisonment.
On the air of the program “Your Day“ on NOVA NEWS, the journalist from “24 Chasa“ Kiril Borisov and the crime journalist from “Club Z“ Stefan Milanov commented on what can be expected from the development of the case, whether it is possible for Mavrodiev to reveal the mechanism behind the granting of multi-million-billion BDB loans and whether his extradition will lead to new revelations in the case.
In Milanov's words
The BDB case shows how a good idea can be corrupted and used for criminal purposes.
"It is naive to believe that such decisions are made by individual people on their own," he commented.
According to Milanov, the moment in which the investigation became public also raises questions. “We need to think about why these revelations appeared precisely in 2024, when parliamentary elections were coming.
Then various cases connected to Ahmed Dogan began to come to light - the investigation against Jeyhan Ibryamov for bribery, actions against the mayor of Mineralni Bani and tension in the MRF - Varna. Therefore, in my opinion, the main problem is that this case does not seem to pursue solely the goals of justice“, he also said. According to him, it is not even certain whether the prosecution will request the most severe measure of detention for Mavrodiev.
Borisov believes that the banker can provide information about the way in which the controversial loans were granted, but this is unlikely to happen.
“He can tell who ordered the granting of these over 100 million leva, which were subsequently, according to the prosecution, embezzled. But he cannot present evidence, and that would incriminate himself in a crime, and that would not be in his interest," the journalist pointed out.
According to Milanov, Mavrodiev's voluntary surrender to the Bulgarian authorities is not surprising, and he stated:
"He is surrendering because he probably has no reason to worry".
Kiril Borisov drew a parallel between the BDB case and the bankruptcy of CorpBank. “The situation with BDB is somewhat reminiscent of the one surrounding CorpBank - certain people, often associated with politics, were financed through similar schemes. Mavrodiev probably knows how this mechanism functioned, but he would hardly incriminate himself“, he commented.
According to him, it is the court decision on the preventive measure that will be the first indicator of how the investigation is developing. “From whether the court will impose permanent arrest or a lighter measure, conclusions can be drawn as to whether Mavrodiev cooperated with the investigation“, Borisov said.
The former head of the Bulgarian Development Bank has been wanted since mid-August 2024,,
when it was learned that he had left the country for Greece. From there, he crossed over to the Republic of North Macedonia, and then flew to Dubai. In December 2024, a European arrest warrant was issued and after information was intercepted about his travel to Europe.
Mavrodiev was detained in Belgrade in early June upon his arrival from Dubai, where he is believed to have resided after being declared wanted with a European arrest warrant and an Interpol red notice. The extradition procedure was accelerated after he gave his explicit consent to be returned to Bulgaria to assist investigators, according to his lawyer Emanuil Yordanov, BNR recalls.
Stoyan Mavrodiev arrived in Bulgaria in good spirits.
He stayed for about half an hour at the Kalotina border checkpoint to process the documents. According to the supervising prosecutor's assessment, upon his arrival in Sofia, he may first be taken for a routine examination at the Ministry of Interior Hospital.