Three Oppossition Movement for Rights and Freedoms MPs Table Urgent Amendments to Bank Bankruptcy Act to Allow Publicizing of Report on Failed Corpbank

Three Oppossition Movement for Rights and Freedoms MPs Table Urgent Amendments to Bank Bankruptcy Act to Allow Publicizing of  Report on Failed Corpbank

Sofia, February 19 (BTA) - Three MPs of the opposition Movement for Rights and Freedoms: Delyan Peevski, Yordan Tsonev and former finance minister Peter Chobanov, Friday tabled urgent amendments to the Bank Bankruptcy Act to allow the publicizing of the report of AlixPartners Services UK LLP, which was contracted to trace and take action for the preservation and recovery of the  assets of the failed Corporate Commercial Bank (Corpbank).

The amendments put bank trustees-in-bankruptcy under the obligation to publish the report of the entity hired to investigate the problem bank, after  approval of the report, on their websites, irrespective of contractual  confidentiality provisions. The obligation will not apply in respect of the recommendations made for recovery of the receivables, Tsonev told reporters in Parliament, adding that the idea is not to conceal the truth but not to hinder the competent authorities to recover the receivables. The proposed amendments will also apply to pre-dated proceedings.

Tsonev said further that the amendments may help Martin Dimitrov and Peter Slavov, MPs of the Reformist Bloc, part of the ruling coalition, who intend to bring an action for publicizing AlixPartners' report as soon as possible, to do so "instead of having to wait two years for the court to decide whether this is possible".

MRF's parliamentary group will insist that the amendments are discussed in a plenary session already next week, and voted in one sitting.

Approached to comment the confidentiality provision of the agreement with the consultant, Tsonev said that the law stands above this and that the trustees-in-bankruptcy are under the obligation to publicize the report. Thus, the proposed legal amendments were needed to make possible the publicizing of the report. Tsonev said also that whoever signed the confidentiality provision in the agreement should solve the matter with AlixPartners.

Source: Sofia