The Ilovica mine project is restarting after it was taken over by a Cayman Islands company with ties to Bulgaria


The director of the Ilovica mine is the son of Bulgaria’s biggest businessman, Colo Vutov, who is close to the Bulgarian government and launders money in the Cayman Islands, said VMRO-DPMNE Vice President Aleksandar Nikoloski.

“In 2019 the Anti-trust Committee approved the sale of Euromax Resources to a suspicious company registered in the Cayman Islands named Galena Resource Equities Limited. This company is registered at an address that houses no less than 22,000 companies. This place, the Ugland House, was named by former US President Barack Obama as the biggest money laundering scheme in the world, this building that houses that many companies,” Nikoloski said.

“The company bought a controlling share of 53 percent of Euromax Resources, and went on to appoint Ivan Vutov as the company’s manager. “He is the son of ColoVutov, who is one of the richest men in Bulgaria and close to the current Government, which implies that Vutov is the man behind Galena Asset Management,”Nikoloski said.

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