Bulgaria’s ‘Greatness’ Party and Its Leader Face Scrutiny Over Alleged Financial Misconduct and Russian Ties
Sofia, Bulgaria – The Bulgarian political party “Greatness” (Velichie), led by Ivelin Михайлов, has approach under increased scrutiny following reports of alleged financial improprieties and connections to Russian entities. The party, which gained approximately 5% of the vote in Bulgaria’s June 9, 2024, parliamentary elections, is now facing questions about its funding and the background of its founder.
Allegations of Financial Fraud
In August 2024, the State Agency for National Security (DANS) assessed “Historical Park,” a theme park founded by Ivelin Михайлов, as a financial fraud amounting to 70 million leva (approximately $38.5 million USD as of March 11, 2026). Capital.bg reported that the scheme was nearing bankruptcy after the Bulgarian National Bank raised concerns about loan withdrawals.
Connections to Russia
DANS also reportedly found evidence linking Ivelin Михайлов to the Russian organization “Night Wolves,” a nationalist motorcycle club with alleged ties to the Kremlin. Capital.bg details these findings, which were included in a report submitted to the Bulgarian Parliament.
Recent Arrest and Legal Issues
In November 2025, Ivelin Михайлов announced that his accountant had been arrested, despite being a diabetic and requiring insulin. Dnevnik.bg reported that Михайлов claimed no money was found in the accountant’s apartment.
Political Positioning and Accusations
“Greatness” is described as a far-right, pro-Russian party. Radio Free Europe/Radio Liberty notes that the party’s emergence was a surprise in the June 2024 elections, given its lack of prominence in pre-election polls. Михайлов has also leveled accusations against media outlets and political figures, including Ivo Prokopiev, the publisher of “Capital,” and his party “Yes, Bulgaria,” alleging they have received $431 million to undermine Bulgarian energy and divide the nation. Bnews.bg reported on these claims in August 2025.
Background and Previous Allegations
Prior to entering politics, Ivelin Михайлов was accused of operating a Ponzi scheme and using the proceeds to fund the construction of “Historical Park.” Radio Free Europe/Radio Liberty highlights that despite these controversies, Михайлов and Nikolay Markov lead the “Greatness” party and secured parliamentary representation.