Chess bits

Ministry issues 7-day deadline for Bulgarian Chess Federation to reimburse 1 million EUR

MMSBulgarian Ministry of Youth & Sport has given 7 days (from 1st August) to the Bulgarian Chess Federation to reimburse the unlawfully and inappropriately spent funds in the amount of BGN 2.097.461 (approx 1 million EUR) to the bank account of the Ministry.

As announced on the Ministry website, the unscheduled inspection that was carried out by the Inspectorate under Art. 64a of the Law on Physical Education and Sports has found that the funds provided by the Ministry to the BCF in the period 2011-2014 were not spent as intended, ie. the tournaments were not part of the official European Chess Union (ECU) calendar and the services with inflated costs were never delivered.

Under such false invoices issued from Belgrade office by the then ECU Executive Director Vladimir Sakotic, the BCF has transferred 1 million EUR to “the account of a company with an unclear owner with the same name”, namely the European Chess Union, registered at 16192 Coastal Highway, Lewes Delaware, USA, and the account on which the money was transferred was opened at ABANKA, Ljubljana, Slovenia.

The official headquarters of ECU were in Hünenberg See, Switzerland, with an operational office in Belgrade, Serbia, Massarikova Street 5/19, and the only official ECU bank account at Bank Credit Suisse, Switzerland.

Bulgarian Chess Federation expelled from European Chess Union

Danailov, Stoisavljevic, Sakotic suspended by FIDE Ethics Commission

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