Dubai Uncovered: State aid to FIBank became luxurious properties in the Emirates

Tseko Minev and Ivaylo Mutafchiev – owners of First Investment Bank (FIB), also known as FiBank, have purchased an apartment and commercial property in Dubai, on the artificial island in the form of palm Jumeirah, as well as two apartments in the expensive Dubai Marina district. Their total area is 1547.86 SqM The four properties are valued at a total value of more than $6.1 million., but today their price is significantly higher. Two other apartments in Dubai, each 91 sq.m., valued at a total cost More than 600 thousand. Dollars, are recorded in the name of a topmodel of “Visage”. This is shown by the data as of 2020 in the international investigation.”Dubai Uncovered“. The model has also become the owner of a company in Sofia associated with the famous Cypriot citizen Georgios Georgiou, who serves as a strawman for Minev and Mutafchiev.

Our investigation from October 2021 showed documents from the “Pandora” Files, which reveal that the owners of First Investment Bank Tseko Minev and Ivaylo Mutafchiev are real beneficiaries of offshore companies that have received over BGN 1 billion loans from the bank. It is the Cypriot Georgios Georgiou is one of the strawmen in the offshore companies of Minev and Mutafchiev.

FIB received impressive state aid several times – during the government of the Triple Coalition and Minister Oresharski, after the collapse of Corpbank AD /KTB/ in 2014 and most recently in 2020 when the state-owned BDB bought its shares at double the price so that the bank could plug its capital hole and implement the recommendations after the ECB stress test. Majority shareholders in the bank remain Tseko Minev and Ivaylo Mutafchiev.

Tseko’s “dream” – 585 sq.m. apartment in “Dubai Marina”

The data in “Revelations Dubai” show Tseko Minev as the owner of an apartment with an impressive area of 585.10 square meters, last valued at $ 2,314,204, but today its price is significantly higher. The property is located on one of the high floors of the 52-story Le Reve building (from French “The Dream”) in the expensive Dubai Marina district. The apartment was acquired by Tseko Minev before 2010, according to data on the records from the Dubai Property Register. A curious detail is that a business email address of the bank was provided for contact, which, judging by the name, is that of an associate of Minev.

Tseko’s “dream” goes to Ivaylo Mutafchiev

The apartment “Dream”, in Le Reve

in the expensive district of Dubai Marina, with an area of 585.10 sq.m. and valued at $ 2,314,204, changed hands in the period before 2016. According to the data in the “Revelations Dubai”, the ownership of the property was transferred from Tseko Minev to Ivaylo Mutafchiev. As already mentioned, the price today is significantly higher. Such apartments, in the same building, are offered at the moment at sale prices between $4.6 million and $4.9 million.

In addition to the “Mechta” apartment in the 52-storey Le Reve, Ivaylo Mutafchiev has also bought an apartment in the 82-storey DAMAC Heights

skyscraper. (formerly Ocean Heights), also in the expensive Dubai Marina district. The apartment has an area of 154.59 SqM and was last valued at $611,439. The price of this apartment today will be significantly higher. According to passport data, the property was acquired before 2016.

Commercial property and apartment of “Palmata”

Ivaylo Mutafchiev has previously acquired a commercial property in Dubai with an area of 622.37 sq.m. , last valued at $2,456,498, located on the artificial island in the form of palm Jumeirah. Again at the “Palm” Mutafchiev has also bought an apartment with an area 185.8 sq.m., valued for $ 748,808, located in Al Msalli, part of the Shoreline Apartments

complex. The two properties of “Palmata” were acquired by Mutafchiev before 2012, passport data show.

The total value of Ivaylo Mutafchiev’s real estate in Dubai has been valued at over $6.1 million.. The total area of the 4 properties, described in detail below, is 1547.86 SqM

– commercial property with an area of 622.37 sq.m. valued at $2,456,497.50
– apartment with an area of 585.10 sq.m. valued at $2,314,203.80
– apartment with an area of 185.80 sq.m. valued at $748,807.56
– apartment with an area of 154.59 sq.m. valued at $611,438.60

In addition, considerable money has been invested in the luxurious furnishing of these apartments, according to eyewitnesses who visited them.

Dubai apartments for top model of “Visage”

The data in “Revelations Dubai” show that a girl of Jenny Kalkandjieva – the top model of “Visage” Anamaria Kirilova is the owner of two apartments in Dubai, each with an area of 91 sq.m. The apartments are in various buildings in Discovery Gardens

and are valued at a total value of more than $ 600,000.. According to passport data, the properties were acquired in the period after the end of 2016 and before the end of 2021.

Before the Dubai property acquisitions, the model Kirilova changed the wallpaper photo on her Facebook page with a photo with the logo of FiBank (FIB).

In December 2020 Anamaria Kirilova becomes the sole owner of the registered in Sofia “Jess AM

““EOOD, and her mother Galina becomes a manager. The model acquired 100% of the shares in the company “at the price and conditions agreed in Appendix No 1” to the sales contract, which, however, was not submitted to the Commercial Register. A month earlier, the company’s capital was properties worth 618 000 BGN. The sole owner of Jess AM is then “Libero

EAD, which since 2015 has been owned by the Cypriot Antwep Overseas Limited, associated precisely with the Cypriot Georgios Georgiou – a dummy of the owners of FIB Tseko Minev of Ivaylo Mutafchiev.

The model
AnaMaria
made headlines in 2009 together with Biljana Yotovska with hot photos for MAXIM magazine, and in 2012 with photos for the Serbian edition.

So far in “Revelations Dubai”

The international investigation #DubaiUncovered (“Revelations Dubai”) reveals over 240 Bulgarian citizens and residents who own properties worth over $ 160 million in Dubai. So far, they have published

data on properties of the mother of MP Delyan Peevski, the construction boss Veliko Zhelev

, the sister of the Deputy Prosecutor General Borislav Sarafov, the builder of our pavilion for “Expo 2020” in Dubai Ralitsa Ivanova

, the sisters

Gergana Simova and Elitsa Proshenska and the underground boss Radostin Barzanov

– Rado the Sun, an aver of Taki and Vasil Iliev.

The “Dubai Disclosures” investigation is based on data on more than 800,000 records from Dubai’s land registry, which date back to 2020 and were obtained from C4ADS (Washington, D.C.-based Centre for Advanced Defence Research). They were shared with Norwegian financial centre E24, which coordinates the real estate investigation together with 20 investigative media, including Le Monde, Süddeutsche Zeitung, the Danish TV2 and OCCRP. As part of the network of
OCCRP
BIRD is the Bulgarian partner in the project.

After the publication of the data, the NRA announced that it is starting inspections of Bulgarians with properties in Dubai, and yesterday the director Boris Mihaylov announced that data from the Emirates are expected for more than two hundred people who have acquired real estate there. The inspection of 21 persons had already been completed and taxes for BGN 131,000 had even been collected.

Lead photo:
View of the 52-story Le Reve and 82-story DAMAC Heights skyscraper in Dubai Marina | Ivaylo Mutafchiev (top right) and Tseko Minev (bottom right)

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