In the third part of our series, we present the latest developments in the scandal surrounding Bulgaria's finance minister.

As V4NA highlighted in earlier pieces of its current series, a complex case is unfolding in Bulgaria involving the finance minister.

We have previously reported on the questionable real estate case and the involvement of a businesswoman known as the ‘Toll Queen.’ However, a new player has entered the scene. As already disclosed, SVT Consulting, a company linked to Asen Vassiliev and another politician from the ruling We Continue the Change (PP) party, Daniel Lorer, sold a property from a building in Sofia just before SVT Consulting was declared bankrupt and its accounts were frozen. This occurred following a filing by an American citizen named Sebastian Bretschneider, who had a claim of more than 5 million Bulgarian levas (about €2,500) against SVT.

Despite the favorable sale of the Sofia property, a substantial portion of the funds vanished by the time accounts were frozen. Sebastian Bretschneider, engaged in a legal dispute with the company connected to Finance Minister Asen Vasiliev, has experienced challenges retrieving the money.

Adding complexity to the situation, Sebastian Bretschneider, a US citizen, is identified as the director of an offshore company named Axelbert Ltd, also owned by Asen Vassiliev.

Records from the British Virgin Islands, officially obtained by investigative portal BIRD from the nation’s finance commission, confirm Bretschneider’s directorship since May 31, 2022.

In court, Mr Brettschneider alleged fraud by an unnamed „third party” and „STV Consulting.” The US had extended a loan to the third party, guaranteed by STV Consulting with the real estate it owned. However, the third party refused repayment, leading to the sale of properties by STV Consulting and subsequent bankruptcy.

The nature of the „third party,” whether an individual or a legal entity, and the precise timing of the loan remain undisclosed. Sebastian Bretschneider’s claim amounts to 5 million Bulgarian levas, precisely the sum for which STV sold its Sofia properties, and the company had no other properties, according to the property registry, investigative portal BIRD wrote.

The first public hearing for the case is set for February 6, 2024. Mr Brettschneider’s lawyer has refrained from providing any comments.