London claims

Russian businessman Dmitry Kosarev, who considers himself the rightful owner of Bulgarian Telecommunications Compamy Bulgarian Telecommunications Company (BTC, trademark Vivacom) filed in London's High Court claim against the investment arm of VTB into the "unlawful seizure and sale of the company affiliate side," says the official announcement of the company Empreno Ventures, owned by Kosarev. The lawsuit was filed last week, the law firm Fried, Frank, Harris, Shriver & Jacobson, which represents the interests of entrepreneurs and firms Empreno and LIC Telecommunications (LICT).

In addition, lawyers have filed a statement of a criminal case in the British Bureau of Fraud in a large scale (SFO), the message says. Financial damage Kosarev and his representatives estimate a minimum of € 250 million euros, the statement said. The representative of Fried, Frank, Harris, Shriver & Jacobson RBC confirmed the fact of filing. Both submitted statements is at the disposal of RBC, on them is dated on 22 February.

Vivacom operator was put up for sale in 2011, due to the inability to service its debts - then the largestand the company's creditors were Deutsche Bank, Castle Hill, European Investment Bank, Raiffeisen Zentralbank, Royal Bank of Scotland, wrote RBC. In the course of the transaction the creditors had to write off 62.5% of total debt in the amount of approximately € 1.7 billion and becoming the minority shareholders (24%), and new investors - "VTB Capital" and Bulgarian Corporate Commercial Bank (CCB) - pay creditors € 130 million, taking on debt (about € 617 million). "VTB Capital" and CCB then got 33% and 43% stake respectively, Cnews portal wrote. CCB was controlled by famous Bulgarian businessman Tsvetan Vasilev, who is now hiding from the Bulgarian law-enforcement agencies in Serbia.

Also, "VTB Capital" was an agent of the loan for € 150 million for Vivacom - the loan was granted in 2013 under the guarantee of 100% of the shares InterV Investment Sarl (Luxembourg offshore InterV - one of a chain of companies that directly or indirectly own 100% BTC). Due to default on the loan in May 2015, "VTB Capital" has decided to auction the pledged shares InterV, which took place in November of 2015. However, even before that, in July, 43% Vivacom (or rather holding "elite» - V Telecom Investment SCA), woundVassileva owned, bought by Dmitry Kosarev Empreno, say its representatives in the lawsuit. He himself opened the transaction in October 2015, shortly before the auction.

Auction in Bulgarian

"VTB Capital" has sold shares of the operator businessman Spas Rusev, according to the lawsuit. Active Rusev went for € 330 million (excluding the telecommunication company's debt in the amount of € 400 million, which Rusev agreed to take over). Plaintiffs believe: "daughter" VTB sold shares "at an extremely low cost", "illegally taking a share" in the company LICT InterV and conspiring with a third party, it said in a statement filed with the SFO.

Rusev - "longtime associate" and "affiliated party» VTB Capital plc, the plaintiff claims. Rusev was an adviser to former Prime Minister of Bulgaria, Simeon Saxe-Coburg - particularly Rusev presented to him the future of Finance Minister Velchev Milena, wrote the local newspaper Sofia Globe. Velchev led BTC privatization (2004) and then headed the Bulgarian office of "VTB Capital," said the publication.

As a result of the auction Kosarev structure lost St.s share (43%) in Vivacom, and missed the opportunity to acquire control of the operator, and is now demanding the return of their InterV shares or to pay an appropriate compensation. Empreno, as alleged in the complaint, offered "VTB Capital" refinance loan for € 150 million, or redeem the disputed shares INTERV, but did not meet understanding, and on November 20 General, that the auction has taken place without its participation and that the shares acquired consortium led by Rusev in which also he went "VTB Capital." Among the other contenders appeared consortium of Greek company Greek Olympia and US fund Third Point, as well as the owner of a European cable operator UPC Mark Schneider, wrote CNews.

Moreover, the protection Kosarev claims that the businessman "took away" not only the 43% stake in Vivacom, but still 33%, which are always publicly attributed to himself, "VTB Capital." As explained in the complaint, even in 2012, the company Crusher Investment, controlled by the "VTB Capital," and "daughter" the CCB entered into a so-called agreement total return swap, under which the 33% of the shares nominally held Crusher - until Milanova structure does not pay certain amounts. Payments took place in 2014, but the stock did not receive any TC-IME, or Empreno like its successor, the plaintiff claims.

The newspaper "Kommersant" Dmitry Kosarev linked with businessman Konstantin Malofeev. The representative of the "VTB Capital," said RBC Kosarev that acts on behalf of Tsvetan Vassilev. It refers to a document prepared by the lawyers of Fried Frank in London, stating that Kosarev and Vassilev "collected funds will be divided in the proportion of 80% to 20%."

"Vasilev tries to prevent legal actions undertaken by" VTB Capital "in connection with non-payment of credit debt of the holding company of BTC", - representative of the company insists. He said that the loan "VTB Capital" was provided 100% of the shares Vivacom. "Taking into account the legal issues related to the conflict Milanova with the Bulgarian government, the only acceptable way to establish the fair value of the asset - competitive conduct of the auction, which took place in the past year", - said the representative of "VTB Capital."

BTC - the largest telecommunications company in Bulgaria toOtori has been fixed and mobile communication. The staff of more than 3.5 thousand. man. Revenues for the first nine months of 2015 amounted to about $ 345 million.