Hundreds of companies and individuals associated with Peevski, Bozhkov and Zhelyazkov may also face sanctions

The Global Magnitsky Act applies not only to the direct corporate ownership of persons who are sanctioned and their relatives. Companies that are more than 50% owned by companies owned by sanctioned individuals may also be subject to sanctions. So far, the list of those threatened with sanctions is limited to only 64 companies in which the participation of Delyan Peevski, Vasil Bozhkov, Ilko Jeliazkov and their relatives is visible, but even it is not complete, a check by the BRRD showed. And the potential range of sanctions is much larger.

Finance Minister Assen Vassilev vowed that the Bulgarian state could expand the list on a large scale by stopping working with company managers of sanctioned and their partners, who have signed documents since 2017. It was not clear why this time horizon was chosen.

On Friday, the NRA published the names of 64 Bulgarian companies, which the US explicitly included in its sanctions list along with the names of Delyan Peevski, Vasil Bozhkov and Ilko Jeliazkov. And yesterday the head of the NRA explained that this list will be supplemented.

The most obvious addition is the company of Ilko Jeliazkov’s daughters. Vanya and Rosa are co-owners and managers of “Jagr Consult 2013“, which is missing from the list of 64 companies of OFAC and NRA. By the way, there are also not noted the French companies of Vasil Bozhkov SCI BO and SCI BOTWO for which the site Bivol revealed that they are owned by the sanctioned gambling boss.

But the search engine for related parties of BRRD gives much more results if you are looking for participation in the ownership of other companies and related parties – managers and partners who have signed documents. The sanctioned companies in question have (or have) participated in 93 companies and are (or were) sole owners in another 71 companies – a quick search in our public scanner shows.

Things become much more serious if the companies of related parties – managers or partners – are examined. The search for related parties on the second level for Delyan Slavchev Peevski returned 601 results, and for Vasil Krumov Bozhkov we could not generate a reference because there are too many connectivity. And this is not counting the companies formed into strawmen without any formal connection with the sanctioned.

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