Dubai revelations: Owner of fake guest house with real apartments for 2 million in the UAE

“The Revelations Dubai” shed light on sisters Gergana Simova and Elitsa Proshenska, née Simova, as owners of a luxury villa and 3 apartments for $ 2 million in Dubai. Simova has aguest house that has to return BGN 391,160 in European funding. The two sisters have won over BGN 1.7 million from a land of Sofia Municipality, purchased earlier at 65 times lower price per square meter.

Gergana Simova became publicly known because of the intention of her company to build a garden in the capital quarter. Youth. The company fenced the garden and closed access to a metro station. This provoked a protest from residents of the area. The family company “Simov & Co” also appeared in the CCB files. She was able to save through 637,000 leva invested there.

Elitsa Proshenska is the owner of a villa with an area of 327 sq.m. and apartment 327 sq.m. in Damac Hills – The Flora, and apartment 65.8 sq. m. in Damac Hills – Golf Vista in Dubai. The properties were valued at $975,000, $547,000, and $220,000, respectively.

Gergana Simova is the owner of an apartment of 138.55 sq.m. in Damac Hills – Golf Vista valued at $ 243,000. The overall assessment of The property is about $2 million.a. Judging by passport data, the villa and the large apartment were acquired after 2011.

BRRD contacted Gergana Simova by email and Viber, but she did not answer the questions asked how the purchases in Dubai were financed. Most likely, the origin of the funds is legal, as the construction company of the sisters “Art Build AP” declares over 30m euros for the construction of the funds in the construction company of the sisters. Lv. net sales revenue for the period 2007 – 2019 But the methods of generating these profits raise questions.

“Feeder for dodgers”

The sisters
Gergana Todorova Simova
and
Elitsa Todorova Proshenska
, née Simova, when they were respectively 28 and 24 years old, made a super successful deal with a property along the route of the 1st metro diameter in Sofia. They win over BGN 1.7 million from Sofia Municipality from land purchased earlier at 65 times lower price per square.

Young businesswomen buy through their company “Art Build AP”

Ltd. a plot of land with an area of 3316 sq. m. for the amount of BGN 80 580. With the progress of the construction of the metro in 2009, the municipality expropriated 1/3 of the property. 1 755 489.40 BGN were paid. for 1115 sq. m. This is due to a decision of the court, which has tripled the initial assessment from 508.52 to 1574.43 leva. for a square.

This and other infamous property valuations were described in the “Feeder for Dodgers” in 2011 by the Banker.

The guest house has to return BGN 319,000.

Sole proprietorship “GS-Hotels – Gergana Simova

” receives BGN 391,160. EU funding in 2014 by project

for processing a project of a residential building in an apartment hotel in Hisarya. Inspection of the State Fund “Agriculture” establishes Irregularities and imposes a 100% penalty. This means returning the full amount of EU funding. According to information so far, the decision has been appealed and the amount It hasn’t been returned yet.

Company deposit in the bankrupt CCB saved with a cession

In 2014, the family company “Simov & Co”

Ltd. arranged for the return of the invested BGN 637,000.

in the bankrupt CCB through a contract for transfer of receivables (cession) with “Elit Petrol” AD. Then “Simov & Co” had a capital of BGN 600,000. and partners father Todor Stoyanov Simov

and Art Build AP

” Ltd. to his daughters with the huge profit from Sofia Municipality. In 2016, Simov & Co.
a case
against Elit Petrol AD and Petrol AD for outstanding balance under the cession contract.

Deposits in the bank CCB, which functioned as a “bank of power”, were distinguished by preferential interest rates for companies from the power circles of MRF and GERB, as well as for authorized persons. The rescue of deposits through assignments was a scheme from which the same companies and individuals benefited privileged.

Protest against the construction of a garden in Mladost

In 2019, GT Stroy

EOOD, with sole owner and manager Gergana Simova scandalously surrounds a garden in the capital. Mladost and closes access to the metro station. The company owns the land and wants to build it. Months earlier, the city council had adopted a plan for construction and regulation of the property. The plan allows high construction and the construction of a street extension. This provoked a protest from residents of the area. There was a partial demolition of the fence and a complaint by the company to the police and the prosecutor’s office for vandalism. The scandal is growing and demanding resignations,
reports
Mediapool.

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 and the builder of our pavilion for “Expo 2020” in Dubai Ralitsa Ivanova

.

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.

Leading photos: Gergana Simova /Bulgaria ON AIR/, Elitsa Proshenska and Tano Proshenski /personal Facebook profile/.

***

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