World Business News

A round up of the latest news for those doing business internationally

Bulgaria makes arrests over banking plot

Zone(s): Bulgaria ¦ Sector(s): Banking

[29 June 2014, BBC News]  Bulgarian authorities have arrested three more people on suspicion of plotting to destabilise the country’s banking system. Five people have now been arrested, after two were detained on Saturday. They are suspected of spreading false information about the health of Bulgaria’s banks, prompting runs on two of the country’s biggest banks. Bulgaria’s central bank has said there has been a systematic attempt to undermine the country’s banking system. Last week, it took over Corporate Commercial Bank, Bulgaria’s fourth-largest lender, following a run on deposits. Speculation that the run could spread hit bank share prices towards the end of the week.