property theft

Taken from the Sofia Echo

"The Mail on Sunday has reported on a group of British investors who poured millions of pounds into buying property in Bansko only to be subsequently conned out of their properties.

They have now accused a local property firm of illegally appropriating the building and denying them entry.

The investors purchased the property through the Rockarch Estates, a London agency dealing with Bulgarian property. However, Rockarch claimed it was subsequently defrauded by a Bulgarian business partner who had access to its accounts and who has allegedly transferred 29 of the flats, plus a restaurant, swimming pool and spa, as well as a conference hall equipped with 30 parking spaces, over to a Bulgarian firm, Zekom, "for a fraction of their real value".

"They were an investment and also intended as a holiday home for us and our four children. Instead, we’ve suffered two years of financial stress and worry because of this dispute," Sharon Hassall, one of the investors, was quoted as saying by the Mail on Sunday.

The title documents for the property, however, were not released to their owners because apparently there is no proof of ownership. Subsequently, the Zekom firm has taken over the property, denied any wrongdoing, installed guards around the perimeter and told the British buyers that they cannot enter the flats.

‘We have no complaint against Rockarch, which has done nothing wrong. But it’s hard to make progress in a dispute in a country as corrupt as this," Hassal said.

Reportedly, the problem for the British buyers is exacerbated by the fact that Zekom is run by Roman Romanov, who is said to have "significant political and economic influence among the elite in Bulgaria".

Apparently, when the foreigners complained that they could not get into their own property, Romanov wrote to them saying: "All issues are to be resolved under Bulgarian law. This means only one thing – God help you!" the Mail on Sunday reported.

A protest is planned in Bansko in March 2010."