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KPMG to be fined €51,000 for bad bank audit

Chris Hamblin

Editor

14 January 2015

The bank in question is Corpbank, whose main 50.6% shareholder, Tsvetan Vassilev, recently gave himself up to Serb authorities for extradition on an embezzlement charge in line with an international arrest warrant. Despite the auditors' rosy summary of its finances, there was a run on the bank last year. It is Bulgaria's fourth biggest lender.