The Money Road in Barcelonagate: The House, Business and Maintenance of Borislava Yovcheva

There are three sources of money for the luxurious life of Borislava Yovcheva and her daughter in Spain, and subsequently in Italy.
This is established by data on bank transactions in the Barcelonagate investigation, conducted by the Spanish and Bulgarian authorities, to which Bivol and BIRD.BG have access.
All three sources of funding are from particularly trusted persons of former Prime Minister Boyko Borisov, who allegedly had an intimate relationship with Yovcheva and a child with her.

• With money from Valentin Zlatev’s company, a house in Barcelona was bought for 3 million euros.
• With money from companies of Yordan Hristov is maintained business with fashion clothes – a boutique in the center of Barcelona.
• With money from “Cat” Rosen Rusimov was financed directly by Yovcheva and furniture, school fees and guarantees were paid in Italy.

The last financial pillar was not known until now, but it also leads to Borisov’s inner circle.
The group of “Cats” includes several businessmen from Pernik and Alexander Staliyski.

The House of Zlatev

In 2013
Alexander Viktorov Chaushev
bought a single-family house with a swimming pool with a total built-up area of 559 sq.m., located on Tsarigradsko shose Str. “Francesc Ribalta” No 8 in the Barcelona suburb of Esplugues del Llobregat. For this transaction, he used a bank account at Sabadell Bank in Barcelona, which was funded by his own account with UniCredit Bulbank. However, the funds for the purchase of the property are not Chaushev’s. They were transferred to his accounts with UniCredit Bulbank under a mandate contract concluded between him and the company “
Terra Tour Service
” EOOD. The contract was concluded on 15.02.2013 and explicitly states the price of the property – EUR 2 900 000 and an additional amount of EUR 350 000 for notarial expenses.

Terra Tour Serviz Ltd. is owned by Agrohold AD, which since January 2023 has been renamed to Terra Way Investment Group AD, and 99% of the shares of Agrohold AD are held by the Cypriot Terra Way Holding Limited. Terra Way is the actual owner of
Valentin Vasilev Zlatev
– a close friend of Boyko Borisov and longtime director of Lukoil Bulgaria.

Shortly after buying the property, Chaushev transferred the ownership to the Spanish legal entity Numin Invest SL, a company with the only owner until then – Borislava Georgieva Yovcheva.
Numin’s capital increased by 2.9 million euros, including the value of the property that was “contributed” to the company.
The house is formally owned by Alexander Chaushev and Yana Asenova Goranova, Chaushev’s wife.
In June 2013, Georgi Stankov Yovchev, father of Borislava Yovcheva, became manager of Numin Invest SL, with no change in the ownership of the company.

After Yovcheva’s luxury cloister became a subject of media interest, the house was sold for 1.8m euros. The money went back to Zlatev.
Two transfers amounting to EUR 900,000 on 20.09.2021 and EUR 959,959.40 on 21.09.2021 respectively were received in the bank account of Alexander Chaushev.
On 28.09.2021, the total amount of the two transfers was transferred to an intrabank account of the company “Terra Tour Service” EOOD, as a reason is: “Fulfillment of an obligation under an order contract”.
Then, on 04.10.2021, a transfer of 1.85 million euros was ordered from the bank account of Terra Tour Service Ltd. Agriway Holdings Limited’s bank account in Switzerland with IBAN: CH6708686131058203978.
The reason for the translation is “Liquidation share from Nm S.L.” (transfer funds from Nm S.L.).
The Swiss company has the beneficial owner Valentin Vasilev Zlatev.

Zlatev and Chaushev have a rich joint business history, and their acquaintance began as early as their student years at MGIMO in Moscow.
Investigators in Bulgaria have also reached the “banker of Zlatev” – Asen Lyubenov Naydenov, their fellow student, who was also on the supervisory board of CIBANK, owned by Tsvetelina Borislavova – the woman next to Boyko Borisov.
Naydenov’s home was searched and computer devices and phones containing bank transactions relevant to the investigation were seized, as we reported in a previous publication on the subject.

Руска връзка излиза в Барселонагейт

During Borisov’s rule, Lukoil was in a privileged position and paid almost no taxes in Bulgaria.
The attempts of the former head of the Customs Agency Vanyo Tanov to put counters on fuel warehouses proved unsuccessful.
Under Borissov’s first government, Lukoil Bulgaria received a concession for the port of Rosenets, which, in addition to being unprofitable for the state, turned key infrastructure into practically a “Russian enclave”.
In these budget budget gifts from the state to the Russian oil monopoly can be sought the cause, or the so-called. predicate crime for the provision of such an amount by Zlatev for the mother of Borisov’s child.

Business by Yordan Hristov

After settling in Barcelona, Borislava Yovcheva embarked on the business of luxury fashion clothes.
For this purpose, in August 2014, the company controlled by Borislava Yovcheva and Georgi Yovchev – Ema BGS SL, was established.
Initially, it had a capital of 3,100 euros.
On 10.02.2015 Yovchev deposited the amount of another EUR 500,000 in capital and accepted a new partner – the Cypriot company “Palms Enterprises (Overseas) Limited“, which also contributed EUR 500,000.
On 16.05.2015 the capital was increased by another 750,000 euros, shared between Yovchev and Palms.
The company rents a company store of the Italian brand Ermanno Scervino on the most expensive boulevard Passeig de Gràcia.

Investigators have determined that the entire capital for the boutique, including the shares of Georgi Yovchev, comes from the company “
Palms Enterprises (Overseas) Limited
“, which is controlled by
Yordan Nikolov Hristov
. The money came from the Cypriot account of Palms Enterprises (Overseas) Ltd SU46005002400002400118587002 and the transfers were made between 27.01.2015 and 01.07.2019 to an account with IBAN: ES4900810045790001699173 opened in the name of Ema BGS SL at Banco DE Sabadell. The total amount is EUR 1 861 408 and the grounds for the transfers are various loan agreements signed by Silvia Ilieva Nikolova / wife of Yordan Hristov / representing Palms Enterprises (Overseas) Ltd and Georgi Yovchev, representing Ema BGS SL.

However, this is not all. On 22.12.2016 to EMA BGS SL were translated EUR 70 000 from a Swiss bank account in the name of Palms Enterprises (Overseas) Ltd.
The account is in euro and was opened at Banque Cramer on 04.06.2013, a few months after Yovcheva’s establishment in Spain.

Another source of funds is a Maltese account of the Belize offshore Forman Group Limited.
It is owned by Antoaneta Stefanova Tsoneva, but the person authorized to dispose of the funds on the cited accounts is Yordan Nikolov Hristov.
On 30.06.2015 Forman transfers from a bank account MT16MBWM07113000000199003540016 EUR 200 000 per Ema BGS SL

Thus, the total investment in Yovcheva’s boutique exceeds EUR 2.1 million.

Date	Sender	Recipient	Amount (Euro/USD)	Purpose
22.12.2016	Palm Enterprises (Overseas) Ltd.	EMA BGS SL	70,000 €	AS PER AGREEMENT DTD 25 1 2016
Balance as of 23.10.2022	Palm Enterprises (Overseas) Ltd.	–	24,441 € 1,146,248.98 $	Account balance
Period from 27.01.2015 to 01.07.2019	Palm Enterprises (Overseas) Ltd.	EMA BGS SL	1,861,408 €	Transfers for various loan agreements
30.06.2015	Forman Group Limited /Hristov/	EMA BGS SL	200,000 €	PER CONTRACT DTD 21062015 AND S
			2,131,408

In 2018, the story of the house in Barcelona became the subject of media publications in Bulgaria and in March 2019, DG BOETS filed a signal with the Spanish Prosecutor’s Office.
Changes then took place in the ownership of Ema BGS SL .
On 25.07.2019, Georgi Yovchev and Silvia Ilieva Nikolova (wife of Yordan Hristov) were deleted as managers and Sancho Jose Sergi was registered as such.
This person is also a representative of Catbug 15SL, where the manager is Ilian Rachev Penev, nicknamed “Mazzola“.
Two weeks later, Miglena Hristova Nikolova was registered as a manager, with whom Iliyan Penev has a child in common.
Photos on social networks show that Miglena Nikolova has previously worked in Yovcheva’s boutique.

On February 21, 2020, the Catalan newspaper El Periodico published a publication revealing that Spanish police and prosecutors are conducting an investigation into money laundering related to Borislava Yovcheva and Boyko Borisov.
The investigation first mentioned Chervigno’s boutique.
A few days later, the store was quickly emptied.

On 12.03.2020 the owner of Ema BGS SL becomes the Bulgarian company “VBG Energy” Ltd. with UIC 202858327 and Spanish tax number: N0681948F. At that time, Vibidi Energy is owned by
Rositsa Mihaylova Velkova
, activist and author of the first economic program of GERB.

On 19.03.2020, Rositsa Velkova sold the shares of the company “VBG Energy” Ltd. to
Desislava Rumenova Spasova
, Bulgarian lawyer and current manager of the company, together with Vasil Nikolov Petev, an expert in the field of energy. Desislava Rumenova Spasova is married to Svetoslav Ivanov Spasov, who was an adviser to former Prime Minister Boyko Borisov, a lawmaker and diplomat in Vienna. He is from Borisov’s closest entourage, and back in the years he was investigated for suspicious transactions with expropriation of his own lands at the expense of the state. According to Spasov himself in front of BIRD.BG, he was separated from his wife, who lived with the chief architect of Sofia Zdravko Zdravkov and questions about this company should be addressed to him.

The bank transactions in favor of Ema BGS SL , however, show that VBG Energy financed the Spanish company even before formally acquiring it and this was done with money from Bulgarian companies of Yordan Hristov, which have absorbed millions from EU funds and public procurement. These are the companies “Himmash” AD, which transferred to “VBG Energy” a total of 70,000 euros in three tranches and “Sof Project Engineering” Ltd. transferred 35,000 euros.

The latter company is owned and managed by Ivan Stoyanov Yordanov (Hristov’s nephew). This company is a major supplier of expensive machines intended for the factories of Yordan Hristov, purchased with European funds.

Date	Sender	Recipient	Amount (Euro)	Purpose
08.07.2019	VBG Energy EOOD	EMA BGS SL	7,020	Not specified
17.09.2019	VBG Energy EOOD	EMA BGS SL	24,300	Not specified
17.09.2019	Himmash AD (controlled by Yordan Hristov)	VBG Energy EOOD	25,000	PO DOGOVOR
13.11.2019	VBG Energy EOOD	EMA BGS SL	24,900	Not specified
12.11.2019	Himmash AD (controlled by Yordan Hristov)	VBG Energy EOOD	25,000	PO DOGOVOR
27.06.2019	VBG Energy EOOD	DERNAMARIA SRL	76,054	Agreement from 27.06.2019
23.12.2019	VBG Energy EOOD	ESTEVA OMMM SL	70,000	ON BEHALF OF EMA BGS SL INV NOV DEC
20.12.2019	Fipra Bulgaria OOD & Vienna Consulting EOOD	VBG Energy EOOD	65,000	Not specified
05.02.2020	VBG Energy EOOD	ESTEVA OOMMM SL	16,700	ON BEHALF OF EMA BGS SL RENT JANUARY 2020
04.02.2020	Himmash AD	VBG Energy EOOD	20,000	Not specified
25.02.2020	EMA BGS SL	VBG Energy EOOD	150,000	PAGO SEGUN CONTRATO DE PRESTAMO
04.03.2020	VBG Energy EOOD	EMA BGS SL	3,500	COMPANY LOAN
11.03.2020	VBG Energy EOOD	FRANCESCA PUJIA	3,403	FINIOUITO FIN CONTRATO Y CERTIFICADO EMPRESA EMABGS LS FRANCESCA PIJIA
11.03.2020	VBG Energy EOOD	MAROUAN MAROUANIHSSANE	2,743	FINIQUITO FIN CONTRATO Y CERTIFICADO EMPRESA EMA BGS SL IHSSANE
06.04.2020	VBG Energy EOOD	DERNAMARIA SRL	31,654	INVOICES 19V08583, 19V08584, 19V09231, J9V08880, 19V08956, J9V09206, 20V00638 By order of EMA BGS SL
04.05.2020	VBG Energy EOOD	SEGURIDAD SOCIAL	518	CONCEPTO L13 MARZO, EMA BGS SL NIFB66349200
11.05.2020	VBG Energy EOOD	RAFAEL MUNTANE	1,500	MONEY TRANSFER FOR SOCIAL SECURITY COSTS ON BEHALF OF EMA BGS SL
???	SOF PROJECT ENG	EMA BGS SL	35,000

From these data, it is clear that the monthly rent of the boutique costs 16,700 euros.
In the panic after the publication on 25.02.2020, the account of Ema BGS SL was drained – 150,000 euros were transferred to the Bulgarian account of VBG Energy, which then paid suppliers and lawyers for the closure of the business.

The whole adventure with Schervinho’s boutique costs Yordan Nikolov Hristov’s business EUR 2,236,408. To justify these costs, he
even married
Borislava Yovcheva a few days before the publication of El Periodico. Asked by BIRD.BG , Hristov replied that Yovcheva’s child was not from him and the boutique had swallowed a lot of money while being at a loss.

It is not clear from the available data how the capital of Ema BGS SL /1.75m euros) was transferred. EUR / by Georgi Yovchev and Palms Enterprises of VBG Energy.
However, a reasonable assumption can be made that the basis of this financing is the draining of a Bulgarian company through a trick with the shares of Sportimoti Primorsko AD, in which there is no economic logic.

In 2019, Palms Enterprises sold 3,666,247 shares with a nominal value of BGN 1, from Sportni Imoti Primorsko AD to OMZ Ltd. with UIC 831641688, at a price of EUR 104,500, thus undervaluing the price by about EUR 1.7 million. The other partner in “Sportni imoti Primorsko” AD – Gordon Holdings Ltd., USA, sold to “OMZ” Ltd. 196,234 shares with a nominal value of BGN 1. at a price of 20,000 euros, thus undervaluing the share price by about 75 thousand. euro. In total, the share price is down by about EUR 1,775 million, the same as the capital of EMA BGS SL was increased in 2015.

In “Sports Properties Primorsko” partner with Hristov was Ivan Sazdov, known as a close friend of Borisov and owner of the tennis club in Bankya, where a wooden totem with the image of Borisov was placed.
Sazdov is head of the election headquarters of GERB for the parliamentary elections in 2009.

“OMZ” Ltd. is also owned by Hristov and is a beneficiary of several million leva European funding.
There are doubts that the company “Sof Project Engineering” Ltd. of Hristov’s nephew has delivered machines with European money at inflated prices, and the family connectivity itself is the reason for the revision of the projects.
In front of BIRD.BG, Hristov claims that numerous inspections have been carried out by OLAF without finding any violations.

Alimony from the Cat

Nearly 130,000 euros from a Bulgarian account of Rosen Georgiev Rusimov In BACB IBAN BG48BGUS91601003094300 are paid directly to Borislava Yovcheva or for expenses related to her daughter.
This happened in the period March-October 2019, according to data from the investigation.
BACB is owned by the former companion in the life of Boyko Borisov – Tsvetelina Borislavova, and Rosen Rusimov is part of the circle of “Cats”, publicly associated with Boyko Borisov.

Date	Sender		Receiver	Receiver IBAN	Amount (EUR)	Reason of Transaction
28.03.2019	Rosen Rusimov		Borislava Yovcheva	ES2000810045770001832586	2100	ZAHRANVANE NA SMETKA
30.05.2019	Rosen Rusimov		Borislava Yovcheva	ES2000810045770001832586	7000	ZAHRANVANE NA SMETKA
19.06.2019	Rosen Rusimov		Borislava Yovcheva	ES2000810045770001832586	10000	ZAHRANVANE NA SMETKA
19.06.2019	Rosen Rusimov		Raffaella Ceglia	IT17V0503403245000000001559	54000	GARANZIA VERSATA PER CONTO DELL A SIGNORA BORISLAVA G. JOVCHEVA CON RIFERENTO CONTRATO NR.431 DEL 1958/18.06.2019
19.06.2019	Rosen Rusimov		Raffaella Ceglia	IT17V0503403245000000001559	18000	DEPOZITO CANZIONALE VERSATO PER CONTO DELLA SIGNORA BORISLAVA G. JOVCHEVA CONRIFERMENTO CONTRATO NR.431 DEL 1998/18.06.2019″
05.07.2019	Rosen Rusimov		LA GARENNE SCHOOL SA,	CH9404835145765421000	12544	FACTURE NR. 18741/1430 EMA YOVCHEVA
27.08.2019	Rosen Rusimov		Borislava Yovcheva	ES2000810045770001832586	5000	ZAHRANVANE NA SMETKA
30.05.2019	Rosen Rusimov		Borislava Yovcheva	ES2000810045770001832586	7000	ZAHRANVANE NA SMETKA
30.09.2019	Rosen Rusimov		Borislava Yovcheva	ES2000810045770001832586	5000	ZAHRANVANE NA SMETKA
10.10.2019	Rosen Rusimov		Borislava Yovcheva	ES2000810045770001832586	3000	ZAHRANVANE NA SMETKA
01.10.2019	Rosen Rusimov		INTESTATO WAMA ARREDAMENTI SR.	IT90K0306903206100000000699	4270	IMPORTO DA VERSARE A SALDO FORNITURA
10.10.2019	Rosen Rusimov		MAN CAMERE PER RAGAZZI SRL.	IT19X0200805047000103309342	2900	DOPLASHTANE
					130814

The “Cats” were discussed in the public domain after in 2009 former Prime Minister Sergey Stanishev urged law enforcement authorities to check how certain companies absorb public procurement as subcontractors.

“Half of Sofia knows about Borisov’s circle. If the government will fight corruption consistently, these things should be checked – how tenders and deals related to the management of Sofia, the subway, Ariana Lake are won – Stanishev said at the time.

Media publications revealed that these are companies of Bogomil Georgiev Gorev, Ivan Angelov Alexiev and Rosen Georgiev Rusimov.
The three are partners in the companies “Ibera Invest” AD, “Diomex” Ltd. and others. Their close business contacts are the Pernik oligarch Lyudmil Stoykov, known from the Sapard affair and Feodor Feodorov.
Through them, the business circle expands to figures from the underground such as the Galevi brothers and Taki.

Without having formal business ties with the Perniks, the circle of “Cats” includes Alexander Staliyski, who is known to be from the closest circle of former Prime Minister Boyko Borisov.
It is said that the “Cats” gathered at Staliyski’s restaurant in Dianabad to play cards.
A frequent guest at the meetings was also Borisov.

The scheme of “Cats” does not go through direct absorption of public procurement.
They haven’t been won by their companies over the years.
But their companies are preferred as subcontractors of large infrastructure projects.
One of them is the Sofia subway, where another interesting “Barcelona” connection comes out – the irremovable head of Metropolitan EAD, Stoyan Bratoev, was on the Management Board of Yordan Hristov’s Himmash from 2004 to 2010.

In the case of Rosen Rusimov’s transfers to Borislava Yovcheva , the origin of the money is cash, which he deposited on his account before making the transfers.
From the transactions, it can be concluded that as early as 2019 Yovcheva took action to secure her residence in Italy.
“The Cat” Rusimov has paid a “guarantee deposit” of 72,000 euros in favor of Borislava Yovcheva to the account of lawyer Raffaella Ceglia.
He has arranged a bill for furniture from the company Wama and children’s room furniture from the company Man Camere per Ragazzi.
Park Rusimov paid 12,544 euros to the Swiss school La Garenne School in early July 2019.
This amount is correlated with
The fee
for a summer children’s camp organized by the educational institution.

All roads from Rome lead to… Bankya

“All roads lead to Rome,” says the famous saying of antiquity.
In our case, this is true, but from there all the paths of money lead to… Bankya.
In conclusion, it can be justified that the financing of Borislava Yovcheva’s luxury life comes from companies and individuals who were economically benefited under Borisov’s rule, namely: Lukoil with unpaid taxes and state concession, representing Russian interests in Bulgaria, Himmash with EU funds and public procurement, and “Kotarash” companies as subcontractors of public procurement.
Of course, this indirect data is not enough to charge Borisov, as formally not a single lev has been given from his bank accounts.
But it is possible that witness testimonies in the Barcelona Gate case indicate that it was the former prime minister, through his power and official position, who exerted pressure, coercion, or corrupt influence in order to pay more than 5 million euros in favor of Yovcheva and her child, whose paternity Borisov denies, but also vehemently refuses to give DNA to establish the truth.

***

Разследващата журналистика е разузнаването на гражданите. BIRD се финансира от дарения. Ние не публикуваме реклами. Не получаваме държавни субсидии. Не разчитаме на грантове. Финансирането чрез малки дарения от читатели е гаранция за нашата независимост. Включете се, за да продължим да разкриваме злоупотреби и да държим отговорни властимащите. Използваме Вашите пари за хонорари на журналистите, командировки, изграждане и поддръжка на нашите информационни системи, такси за фирмени и имотни регистри у нас и по света, придобиване на техника и специално оборудване, осигуряване на нашата безопасност и други важни работни мисии. Важно: Ако дарявате всеки месец това ще ни даде възможност да планираме и организираме нашата работа. Благодарим Ви! Нас ни има, защото Вас Ви има!

This post is also available in: Български (Bulgarian)