Home > Press > Ognian Donev: Has Stanishev called state companies to keep their money in Corporate Commercial Bank?

Ognian Donev: Has Stanishev called state companies to keep their money in Corporate Commercial Bank?

14 July 2014

Iliana Benovska: Mr. Vasilev came out yesterday with a statement from Vienna, in which he said that somebody was trying to buy his assets with cheap money.

Ognian Donev: Mrs. Benovska, I think I am the last person you should put in the position of Tsvetan Vasilev’s lawyer.

Iliana Benovska: I make you an analyst.

Ognian Donev: The least of Delian Peevski because I am subjectively burdened. And at the same time we should see what is the effect not on me as a physical person but what is the effect on economy, this is more important.

Iliana Benovska: That is the reason I am asking you questions, because probably some of your employees, lured by the high interests, have some money in CCB?

Ognian Donev: I don’t think that any delusion existed precisely in our company regarding putting money in this bank and this is ok. On the other hand, the current law guarantees bank deposits of up to 200 thousand and saying this I don’t see anything wrong if somebody has benefitted from the conditions created by the state and has earned higher profitability from his money.

Iliana Benovska: But let us analyse how the state created conditions for CCB, being with its parameters the fourth bank in Bulgaria, and give the highestimmeasurably high interests. Let me say my opinion, this is due to the fact that state money in huge quantities have been put in it and in fact, people got the idea that this is almost a state bank.

Ognian Donev: This is your judgement. Whether it is true, auditors will say. Now, of course, everybody discusses the topic without having enough information.

Iliana Benovska: But no, it is all clear. You keep state money at negligible interest, give away money...

Ognian Donev: I think Mr. Vasilev said many times that not state money are kept  in the bank but money of state companies which independently take the decision to work with the bank which gives them the best conditions. My question is who has advised all these managing directors of state companies to act in this otherwise economically unreasonable manner.

Iliana Benovska: No one, Mr. Donev, has advised them;all Prime Ministers so far have denied to have advised them. They say, this bank offers very good conditions;with a competition.

Ognian Donev: Now, if we dig deeper, because yesterday I saw also how prof. Gechev rightly defended the prestige of the Economic Institute as a science centre creating specialists who manage the Bulgarian economy;we should ask ourselves another question which, for me, is more interesting: who has had the opportunity to buy from these economic entities stocks at the bottom and then sell them at some random top and hit this precise top, thus declaring legal resources? Wasn’t this a convenient system to avoid giving white envelopes, and to act in such a way that your bank account is certified with legal income? Can’t we, following this lead, see exactly who, then distorting competition and creating advantage for some companies on account of others, have participated very actively in the capital market.

Iliana Benovska: Do you know names?

Ognian Donev: It is not my job, I am not an investigating body and I don’t have the time to stand in front of the bank and look who’s entering and leaving.

Iliana Benovska: Why don’t you ask, according to the law on access to information?

Ognian Donev: I don’t know what to ask in this particular case, nor it is my job. Then, to successfully manage a business it is not necessary to monitor, it is enough to just think about it and things become quite clear.The fact is that at the moment it seems that all political forces seek a consensual decision for the benefit of the citizens which will result in such a burden for them, and scarcely for the benefit of the citizens, of course, I put that in quotations, shows only one thing: you discussed with the previous participants who would be European Commissioner, whether Europe needs an European Commissioner who calls big multinational companies and tells them where to keep their free resources?

Iliana Benovska: Who are you implying to, Sergei Stanishev?

Ognian Donev: I don’t imply anything, I just ask the question whether Mr. Stanishev has called in any company and advised it keep its money there.

Iliana Benovska: You are just asking yourself  or you have information that he has done that.

Ognian Donev: My question has been provoked by the practice. Next question – we had in our branch only 10 years ago a slightly smaller “Frankenstein” where the minister advised us all to trade with one specific company, then this company went bankrupt and then I saw on TV that the minister had no idea which this company was and so on.

Iliana Benovska: What are you talking about?

Ognian Donev: About nothing, we are just talking you and me.

Iliana Benovska: Why don’t you call things with their names, now you’re making me say them.

Ognian Donev: No, look, that’s why I said that in the economic sphere one acquires involuntarily much more information. Unfortunately, this information results in more white hair, in premature aging and it’s high time to say something I already had the chance to say, and people to understand it, that businessmen cannot be put under a common denominator. There are businessmen who at all costs are trying to have such advantages and are close to the political circles.

Iliana Benovska: And why do you put politicians under a common denominator?