Wewak Vivacom Bulgarian telecommunication company

History

2020

The Bulgarian operator sold for 1.2 billion euros

The European Commission approved purchase of the Bulgarian operator Viva Telecom Bulgaria by United Group holding in May, 2020. One of subsidiaries of Viva Telecom is the mobile operator Vivacom. Officials came to a conclusion that absorption will not reduce the competition in the market, but recognized that as a result of absorption the operator will get certain advantages over other players thanks to other assets of United Group in Eastern Europe. The operator was estimated at 1.2 billion euros.

Before this acquisition assets of United Group worked only in the field of fixed connection — broadband access, television, voice telephony. Vivacom became the first company asset in the field of mobile communication^[1].

2019

The court of London refused the claim to Dmitry Kosarev

In July, 2019 the court of London prevented capture by the Russian oligarch monarchist Dmitry Kosarev of the telecom operator of Vivacom.

Kosarev's structures tried to press on the new beneficiary Vivaky through courts - in Bulgaria, Luxembourg, Great Britain. Everywhere equally unsuccessfully. The independent expert from Luxembourg, the court swept aside because of obvious involvement. The business partner Ruseva – Dzhoyslin Bennet brought a notarized screenshot of correspondence in court, but also it was to court only surprising – Bennet could report nothing new to court.

In court of London the lap of honor becomes isolated. On July 5, 2019 after the listenings lasting nearly a week, the judge refused to Kosarev's company - Empreno - the satisfaction of claims. Vivacom remains at the acting owners.

Performance of the witness about the dummy nature of the transaction of VTB Capital

In April, 2018 the V2 Investment company (V2) submitted a claim to the High Court of Justice to the Viva Telecom company which is indirectly owning the Bulgarian mobile operator Vivacom again. Former requirements: return of a stock of the holding company of Vivacom operator or recovery of their value.

On May 14, 2019 during the public session in the High Court of Justice new sensational proofs - testimony of Mrs. Dzhoyslin Bennet were on this case opened.

Mrs. Bennet is the U.S. citizen who is constantly living in Switzerland, is the director of the company of Leman Nominee Company Limited. This company acts as the professional incorporated trustee (trustee) concerning numerous trusts for different clients including "daughters" VTB Capital.

Testimony of Mrs. Bennet confirmed concerns of Empreno Ventures Limited and LIC Telecommunications Sarl plaintiff companies which beneficiary is Dmitry Kosarev which were made within the legal procedures of rather so-called "auction" continuing since 2016 selling Vivacom.

In particular, Mrs. Bennet confirmed the dummy nature of the "auction" held VTB Capital. What proves a swindle essence: sell telecom operator to the buyer affiliated with VTB and her top managers - Viva Telecom company (Luxembourg) S.A. at significantly cut price for the purpose of immediate resale to the strategic investor, but already at the market price.

Mrs. Bennet also claims that Mr. Spas Rusev frontovat VTB Capital, for the lack of means receiving all necessary financing from bank. This testimony confirms the claim in full, and their representation to court marks the beginning of a new stage in judicial proceedings.

The judge Mulder considered it necessary to read aloud an essential part of testimony of Mrs. Bennet in public session. Now these indications are public property.

2016: Charge VTB Capital in fraud

The conflict around Vivacom erupted in 2016 when got stocks of the operator not Kosarev, but his competitor – to Bulgarian Spas Rusev.

In February, 2016 Empreno (BVI) and LICT companies (Luxembourg) of the Russian businessman Dmitry Kosarev submitted a claim in London to British "subsidiary" of VTB Capital "upon illegal capture and sale of Vivacom to the affiliated party" for 330 million euros. Claimants considered this price extremely underestimated.

According to them, shares were taken by the Luxembourg Viva Telecom which is headed by a certain Rusev, and the consortium of investors, including VTB Capital legally owns. Claimants considered sale fraud and demanded that actions or their cost were returned to V2 company. Kosarev's representative estimates losses at the amount not less than 250 million euros.

2015: A default on the credit of 150 million euros and sale to the company for 330 million euros

Vivacom in May, 2015 allowed a default on the credit of 150 million euros provided with stocks of the company. 100% of stocks of holding structure of Vivacom — InterV Investment were pledge on the credit.

After a default stocks of this company were transferred by VTB Capital from V2 which the bank offered for an auction based on which the structure of VTB also became the co-owner of Vivacom — it received 20% plus one share Viva Telecom.

The operator was sold in November, 2015 for 330 million euros. Later minority shareholders said that the cost of the operator was much more. The company was purchased by the Bulgarian businessman Spas Rusev behind whom, according to minority shareholders, VTB Capital.

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