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Belgrade Tennis Tournament Moves to Athens Amidst Political Tensions

by Alex Carter - Sports Editor
written by Alex Carter - Sports Editor

Athens, Greece – Novak Djokovic, the 24-time Grand Slam champion, is relocating his family to Athens, Greece, reportedly due to political disagreements with Serbian President Aleksandar Vučić, according to Serbian media reports surfacing August 4, 2024. The move comes as Djokovic’s family-run Belgrade Open tennis tournament has been shifted to Athens this year.

Djokovic and his wife, Jelena, were in Athens this spring to secure a family home and enroll their children in a private school, with the full relocation planned following the US Open (August 24 – September 7). The family has two children: Stefan (born 2007) and Tara (born 2017).

The reported conflict stems from Djokovic’s public support for student-led protests in Serbia against government corruption. Tensions escalated in march following large demonstrations in Belgrade, the largest anti-government rallies Serbia has seen since protests began in 2023. Djokovic previously voiced support for protesters during the Australian Open in January,stating,”My support is for young people,for students and for those who are the future of my country.”

The protests were initially sparked by a November 2023 tragedy at the Novi Sad railway station, where a shed collapse resulted in 15 fatalities. Protesters allege widespread corruption contributed to the unsafe conditions at the station. The incident and subsequent demonstrations have focused on concerns regarding infrastructure safety and governmental accountability.

The Belgrade Open, traditionally held in Serbia, will now be hosted in Athens in November, with Djokovic expected to participate.This marks a meaningful shift for the tournament,which has been a fixture on the Serbian sporting calendar since its inception in 2009.

The relationship between Djokovic and Vučić, who has previously publicly supported the tennis star, has reportedly deteriorated due to these differing stances on the protests. Vučić’s government has faced increasing scrutiny regarding allegations of corruption and a lack of transparency.

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News

CONPI has been convicted of over BGN 500,000 after failed confiscation

by David Harrison – Chief Editor
written by David Harrison – Chief Editor

Court Orders 500,000 Lev Payout Over Illegal Asset Seizure

Family Reclaims Funds and Compensation After Decade-Long Legal Battle

A family has been awarded over half a million leva after municipal authorities wrongfully seized their property and funds. The case, stemming from a 2011 investigation, highlights a protracted legal struggle involving alleged under-market property deals.

Allegations of Corruption Surface

In September 2011, prior to local elections in Kavarna, several municipal officials were arrested. These included Eng. **Desislav Kostov**, Director of Territorial and Settlement, along with chief architect **Yulian Iliev** and former employee **Deyan Dechkov**. They faced charges related to dereliction of duty concerning the acquisition of municipal property below its market value.

The municipality’s then-mayor, **Tsono Tsonnev**, commented on the situation: “I say it is pre-election, but the one of the authentic is the signela is a good idea,” adding, “All decisions for alienation of municipal property are taken after a collective decision of the municipal council, I can say that we are the most checked municipality.”

Property and Funds Seized

In connection with the accusations, authorities sought the confiscation of assets belonging to **Desislav Kostov**’s family, valued at approximately 4.2 million leva. By July 2014, the District Court in Dobrich had placed attachments on three apartments, agricultural land, and over 238,000 leva in cash. Further attachments totaling more than 216,000 leva were imposed later that year.

Legal Reversals and Restitution

The initial demand was for confiscation of assets totaling 4,257,487 leva. While a confiscation order was later issued by the District Court in 2022 and upheld by the appellate court, the Supreme Court of Cassation ultimately found issues with the process. This led to the case returning through the legal system.

Following the court’s review, **Kostov** and his wife were compensated under the State Responsibility Act. They received 465,831 leva for the period their funds were held. An additional 50,000 leva was awarded for prior penalties.

Interest and Moral Damages Awarded

The court determined that while the seized money, amounting to 455,756 leva, was eventually returned to the couple after a decade, they had been deprived of potential interest. The funds, instead of earning interest in a special account, were kept in a safe. The court calculated statutory interest for this ten-year period at 465,831 leva.

Furthermore, the court acknowledged moral damages. It was noted that the actions of the authorities caused significant distress. The court awarded **Kostov** 20,000 leva and his wife 10,000 leva for the emotional and reputational harm suffered.

Final Settlement and Appeal

The total awarded amount stands at 465,831 leva for the unlawful seizure and an additional 30,000 leva for moral damages. This brings the total to 495,831 leva. However, with accumulated interest and potential appeals, the final liability could reach one million leva.

This civil case is not yet final and may be subject to appeal at the Court of Appeal in Varna.

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Sport

Grigor Dimitrov Injured: Withdraws from US Open After Wimbledon

by Alex Carter - Sports Editor
written by Alex Carter - Sports Editor

Grigor Dimitrov will miss the US Open due to a slower-than-anticipated recovery from a Wimbledon injury, as reported by Tenniskafe.com. the 34-year-old Bulgarian player sustained a partial rupture of his major pectoral muscle.

Initially, there was optimism that dimitrov would be able to participate in the final Grand Slam of the year. However, with less than a month remaining until the US Open commences on August 24th, it has become clear that he will not be at 100% fitness for the New York tournament. The current outlook suggests a potential return to play for tournaments in China in late September or early October, contingent on his condition allowing for a full workload.

Dimitrov’s withdrawal from the US Open marks the end of his remarkable streak of 58 consecutive Grand slam appearances. This consistent participation placed him as the active leader in this category and fifth overall in the all-time rankings, trailing only Feliciano Lopez (79), Fernando Verdasco (67), Andreas Seppi (66), and roger Federer (65).

The absence of Dimitrov also impacts the planned mixed doubles partnership with World No. 1 Aryna sabalenka, who were slated to compete together in the new mixed doubles format at Flushing Meadows.

Grigor Dimitrov Injured: Withdraws from US Open After Wimbledon

The best Bulgarian tennis player Grigor dimitrov and the best tennis player in the world Arina Sabalenka will play together in the US Open in New York in late summer.

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Business

The world’s central banks replace dollars with gold, euro, yuani

by Priya Shah – Business Editor
written by Priya Shah – Business Editor

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Central Banks Shift Away from Dollar

Euro and gold gain favor amid concerns over U.S. policies

Global central banks are diversifying their reserve assets, reducing reliance on the U.S. dollar in favor of the euro, yuan, and gold. This trend, evident for a decade, has accelerated recently as faith in the dollar weakens.

De-Dollarization Factors

A survey conducted by OMFIF (Official Monetary and Financial Institutions Forum) between March and May indicates that **President Donald Trump’s** trade policies are a primary driver of this shift away from the dollar. These policies have created uncertainty around the dollar and U.S. securities.

Central banks managing trillions in reserves are increasingly turning to the euro, demonstrating resilience against the currency’s historical critics. OMFIF’s research highlights a planned 16% net increase in euro reserves over the next 12–24 months.

Following the euro, the Chinese yuan is also gaining traction. Approximately 30% of central banks intend to increase their yuan holdings, projecting its share to reach 6% within the next decade.

Additionally, 40% of central banks are planning to increase their gold reserves over the next decade, seeking a safe haven amid global economic uncertainties.

The dollar’s popularity has plummeted, falling to seventh place this year after being the most favored currency last year. A significant 70% of respondents cited the political climate in the United States, especially trade conflicts, as a deterrent to dollar investments.

Euro Surges

Fueling this shift, the euro has been gaining strength in currency markets. On July 1st, it hit $1.18 against the dollar, its highest level since July 2021. As of November 2023, the euro area’s trade balance recorded a surplus of 27.9 billion euros, compared to a deficit the previous year, suggesting improved competitiveness (Eurostat).

The European Central Bank (ECB) is closely monitoring the euro’s rapid appreciation, recognizing its potential to negatively impact the competitiveness of euro area countries.

The euro has already risen by approximately 14% against the dollar this year, driven by growing distrust in the U.S. currency. Analysts have noted that the euro is on the verge of its longest winning streak in over 20 years.

While a stronger euro can help suppress inflation and achieve the ECB’s 2% target, continued appreciation could harm exports and push inflation to undesirably low levels.

U.S. Internal Conflicts

Adding to the dollar’s instability, disagreements persist between **President Trump** and Federal Reserve Chairman on interest rate policy.

There is no inflation, a superb economy. Interest should be at least two or three percentage points lower,” said **Trump**.

However, the Fed has resisted pressure from the White House.

So far, we are in a good position to wait to learn more about the probable development of the economy before we consider any correction of our policy,” stated **Jerome Powell** to the Financial Committee of the House of Representatives.

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News

Assen Vasilev’s Firm: Lender Gets Go-Ahead to Pursue Debt

by Emma Walker – News Editor
written by Emma Walker – News Editor

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Asen Vasilev‘s Associate Faces Financial Setback as Bulgarian Court Enforces $3.5M Debt

Table of Contents

Sofia,Bulgaria – In a important legal development,the Sofia City Court has ruled in favor of Sebastian Bretshnayder,the creditor of “CTV consulting,” a company previously associated with Bulgarian politician Asen Vasilev. The court’s decision enforces a $3,530,400 arbitration award issued by the International Center for Dispute Resolution in the US Arbitration Association, plus accruing daily interest [1].

Court upholds International arbitration Ruling

The ruling compels “CTV Consulting” to pay Bretshnayder the ample sum for breaches of a revolving loan agreement. Beyond the principal amount, the court has also mandated a daily interest of $2,824.32, retroactive to july 1, 2024, alongside $28,805 in fees and expenses, and $38,290 for legal depiction.

The proceedings were initiated under Bulgaria’s Law on International Commercial Arbitration, with Bretshnayder seeking the court’s endorsement to execute the US arbitration decision and obtain a writ of execution for the awarded funds.

Did You Know? International arbitration is a common method for resolving commercial disputes across borders, offering a neutral forum and enforceable decisions.

Legal Battles and Bankruptcy Proceedings

The Sofia City Court’s judges affirmed that the arbitration decision aligned with the agreement between “CTV Consulting” and Bretshnayder, and its enforcement would not contravene Bulgarian law. The court emphasized that “CTV Consulting” had the chance to present its case during arbitration, ensuring fairness and due process.

Furthermore, the court ordered “Stat Consulting” to cover additional legal costs amounting to BGN 41,849.34. Though, this decision is not final and remains subject to appeal within a two-week timeframe to the Court of Cassation (CAC).

Adding complexity to the situation, “CTV consulting” is currently undergoing bankruptcy proceedings. Asen Vasilev’s prior involvement came under scrutiny when the court initially determined the company became insolvent on December 31, 2020, while he was the sole owner and manager. Vasilev transferred his ownership to Mario sotirov’s company on May 7, 2021, before assuming the role of Finance Minister.

Pro Tip: Bankruptcy proceedings can significantly impact the recovery of debts,often leading to protracted legal battles and potential losses for creditors.

Loan origins and Unfulfilled Obligations

The bankruptcy case was triggered by Bretshnayder’s claim against “CTV Consulting” for $3,81,600, representing unpaid principal and interest on a loan. The original loan agreement, dated February 25, 2019, involved $1 million from StV K. LTD, registered in the British Virgin Islands. An addendum on November 27, 2020, provided an additional $477,025, with “STV CONSERTING” Ltd. in Bulgaria, then headed by Asen vasilev, as a joint debtor.

Under the agreement, “STV CONSERTING” committed to securing the loan with a second mortgage on its property. However, this mortgage was never established, and the property was afterward sold without repaying Bretshnayder. The loan’s maturity date was January 1, 2023, prior to the property’s sale.

First Investment Bank later joined the bankruptcy proceedings, having extended a loan to the company on August 27, 2021, to support its turnover.

The most recent activity in the company’s account occurred on June 6,2025,with an attachment imposed in favor of First Investment Bank for BGN 1,362,691.65, based on a writ of execution.

Timeline of Key Events

Date Event
February 25, 2019 Original loan agreement for $1 million.
November 27, 2020 Additional loan agreement for $477,025; “STV CONSERTING” becomes a joint debtor.
December 31, 2020 Initial court determination of “CTV Consulting” insolvency.
May 7, 2021 Asen Vasilev transfers ownership of “CTV Consulting”.
August 27, 2021 First Investment Bank provides a loan to “CTV Consulting”.
January 1, 2023 Loan maturity date.
July 2024 International Center for Dispute Resolution issues arbitration award.
June 6, 2025 attachment imposed on company shares in favor of First Investment Bank.

What are the potential long-term implications of this ruling for Asen Vasilev and his political career?

How might this case affect investor confidence in Bulgarian companies?

Understanding International Arbitration

International commercial arbitration is a mechanism for resolving disputes arising from cross-border commercial transactions. it offers several advantages over traditional litigation, including neutrality, enforceability, and confidentiality. The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards is a key international treaty that facilitates the enforcement of arbitration agreements and awards in signatory countries, including Bulgaria [2].

The Role of Bankruptcy in Debt Recovery

Bankruptcy proceedings are designed to provide a structured framework for dealing with insolvent companies and their creditors. The process typically involves assessing the company’s assets and liabilities, developing a repayment plan, and perhaps liquidating assets to satisfy creditors’ claims. However, bankruptcy can be a complex and lengthy process, and creditors may not recover the full amount of their debts [3].

Frequently Asked Questions

Q: What is a writ of execution?

A: A writ of execution is a court order that authorizes law enforcement officials to seize a debtor’s assets to satisfy a judgment.

Q: What is insolvency?

A: Insolvency is the state of being unable to pay one’s debts as they fall due.

Q: What is a contractual mortgage?

A: A contractual mortgage is a voluntary agreement where a borrower pledges real estate as security for a loan.

Disclaimer: This article provides general information and should not be construed as legal or financial advice. Consult with a qualified professional for specific guidance.

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Sport

Botev Plovdiv: Dramatic Escape From Relegation | Bulgarian Football News

by Alex Carter - Sports Editor
written by Alex Carter - Sports Editor

Plovdiv Football Club Botev on brink of Collapse After Acquisition Falls Through

Plovdiv, Bulgaria – June 25, 2025 – One of Plovdiv’s two moast prominent football clubs, Botev, faces potential financial ruin and relegation to amateur football following the collapse of a last-ditch acquisition deal. Negotiations with Ilian Filipov, co-owner of PIMK holding Group, failed after midnight, leaving the club’s future uncertain just before the start of the First League Championship.

Filipov publicly announced his withdrawal from the transaction,citing “unclear liabilities” exceeding BGN 5.5 million accumulated under current ownership. he alleges that despite offering to invest an additional BGN 5.5 million to save the club, he was met with “insolence and irresponsibility” from the current owner, Anton Zingarevich. Filipov even claims Zingarevich requested to take four additional players with him should the deal fall through, leaving Botev “without a coach, without players and without a future.”

“There is no way to take the club with unclear liabilities and sign an empty check,” Filipov stated, adding he has already personally invested over BGN 4 million in Zingarevich’s business ventures.

Zingarevich, represented by lawyer and former interior minister Ivan Demerdzhiev, confirmed the breakdown in negotiations and indicated they would seek alternative solutions.However, time is running out to assemble a team capable of competing in the First league.

Both parties released statements acknowledging the failed acquisition, with an agreement reached for an authorized representative of Filipov to temporarily co-manage the club alongside current procurator Alexey Kirichek. The future of Botev remains deeply uncertain.

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