{"id":26489,"date":"2023-03-23T13:24:01","date_gmt":"2023-03-23T12:24:01","guid":{"rendered":"https:\/\/bird.bg\/?p=26489"},"modified":"2024-12-28T23:30:23","modified_gmt":"2024-12-28T22:30:23","slug":"dubaiuncovered-tseko-ivaylo","status":"publish","type":"post","link":"https:\/\/bird.bg\/en\/dubaiuncovered-tseko-ivaylo\/","title":{"rendered":"Dubai Uncovered: State aid to FIB became millions of properties in the Emirates"},"content":{"rendered":"

Tseko Minev<\/b> and <\/span>Ivaylo Mutafchiev<\/b> – 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 <\/span>1547.86 SqM<\/b> The four properties are valued at a total value <\/span>of more than $6.1 million<\/b>., but today their price is significantly higher. Two other apartments in Dubai, each 91 sq.m., valued at a total cost <\/span>More than 600 thousand. Dollars<\/b>, are recorded in the name of a topmodel of “Visage”. This is shown by the data as of 2020 in the international investigation.”<\/span>Revelations Dubai<\/span><\/a>“. The model has also become the owner of a company in Sofia associated with the famous Cypriot citizen <\/span>Georgios Georgiou<\/b>, who serves as a strawman for Minev and Mutafchiev.<\/span><\/p>\n

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

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.<\/span><\/p>\n

Tseko’s “dream” – 585 sq.m. apartment in “Dubai Marina”<\/span><\/h2>\n

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.<\/p>\n

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View from similar apartment in Le Reve<\/figcaption><\/figure>\n

Tseko’s “dream” goes to Ivaylo Mutafchiev<\/span><\/h2>\n

The apartment “Dream”, <\/span> in Le Reve<\/span><\/p>\n

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

In addition to the “Mechta” apartment in the 52-storey Le Reve, <\/span>Ivaylo Mutafchiev<\/b> has also bought an apartment in the 82-storey <\/span>DAMAC Heights<\/span><\/p>\n

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