Mysterious candidate tries to buy Kremikovtzi but does not remit a deposit

The third attempt to sell the assets of Kremikovtzi at a tender with a starting price of BGN 395 mln failed yesterday. Five minutes before the deadline, Georgi Manchev appeared, representing Victory Commerce – a company registered in Shumen - and offered BGN 396 mln. This was the only bid. However, the company was not allowed to participate in the tender since Bulgarian Development Bank (BDB) did not confirm the payment order for the remittance of a deposit amounting to 10% of the assets’ evaluation, which is an indispensable condition for bidding in the tender.

BDB’s management explained that no money had been remitted to its accounts for the Kremikovtzi tender. Manchev showed only an e-mail for the transfer of €20,256,641 from Rosbank to BDB but could not produce a document for an effected payment.

According to Manchev, cited by Darik Radio, his company represented at the tender a Russian financial investor, whose name he did not disclose. “Neither Manchev, nor any other representatives of the bidder visited Kremikovtzi to inspect the site,” the plant’s trustee in bankruptcy, Tsvetan Bankov, told Klassa. “If representatives of Victory Commerce had come, I would have known this,” said Bankov.

Victory Commerce has been a consulting company for five years and deals with the sale of real estate property, says the company’s information on Internet. It is an official representative of the Turkish construction holding Ertok.

The consecutive attempt to sell the metallurgical plant failed after two other unsuccessful tenders with a starting price of BGN 565.6 mln for the production site. Especially for the recent tender, the administrative building of Kremikovtzi and a plot of some 100 dca, whereby the land subject to the sale alone reached 8,000 dca, were added to the assets offered for sale.

A new tender for the same assets is expected to be held within two months but with a starting price amounting to 80% of the assets’ evaluation, i.e. about BGN 316 mln. Answering a question, Manchev said that his company will bid again should the attracted investor company not withdraw.

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