The Palace of Culture to become a public limited company

The National Palace of Culture (NPC) in Sofia would become a public limited-liability company with a state stake, the GERB (Citizens for European Development of Bulgaria) Government decided yesterday. It will not be privatized and will be subordinated to the Ministry of Finance in the coming months, announced the Deputy PM and Minister of Finance, Simeon Dyankov.

NPC will be managed by a five-member Board of Directors. He reminded that change of the legal status of NPC was one of the anti-crisis measures that Government, employers and trade unions outlined early last year. According to him, because of ambiguities regarding the NPC legal status, it failed to pay corporate taxes over the years. Djankov said that implemented amendments were based on the audit conducted in recent years.

"I do not know how this audit was implemented since no documents were requested from me," stated for Klassa daily, Hristo Drumev. He explained that he was unaware of the last change of the management and of the amendments to the NPC structure. Around the world, such institutions are state-financed. NPC is self-subsidising itself and not seeking the least financial state aid. Thus, Drumev responded to the allegations that the Palace failed to infuse any proceeds into the State Treasury. When the controversial situation around the NPC is clarified, it will pass under the umbrella of the Ministry of Culture. Besides, the Varna Festival and Congress Center will be contributed in kind to the NPC's assets. "I hope that the future proceeds of the Palace would improve the financial situationof of our Ministry," said Minister of Culture,  Vezhdi Rashidov.

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