On October 22, the European Commission (EC) released its annual report assessing Bulgaria and Romania’s progress in judicial reforms, as well as their efforts to combat corruption and organized crime. The Commission acknowledged Bulgaria’s advancements in implementing the CVM recommendations and concluded that, unlike Romania, Bulgaria has fulfilled the commitments it made upon joining the EU. Consequently, if the EU Council and the European Parliament support the EC’s findings, Bulgaria could see the CVM lifted.
The European Funds Recovery Initiative (EFRI)—representing over 650 European retail investors who fell victim to investment scams operated by numerous boiler rooms and beneficiaries based in Bulgaria—strongly disagrees with the conclusions of the October 22, 2019, CVM report.
Gal BARAK, an Israeli national, has been successfully delaying the final ruling on his extradition from Sofia to Austria, despite an EU arrest warrant issued in January 2019. BARAK is believed to be a key orchestrator of large-scale broker scams, responsible for defrauding thousands of European investors. Given these unresolved issues, we urge representatives from various countries to advocate for the victims in their respective nations and to oppose the proposed termination of the CVM for Bulgaria.