Bank accounts and shares of Sofia Municipality blocked

The bank accounts of Sofia Municipality in 31 banks, as well as municipal stocks of the Central Sofia Market Hall have been blocked, announced yesterday Sofia's Mayor, Yordanka Fandakova. The distraint on municipal accounts was enforced by private bailiff Ivan Cholakov. The cause for placing these under distraint was the lawsuit for damages filed against Sofia Municipality for the expropriation of property due to the construction of the new route via Blvd General Danail Nikolaev. Sofia Municipality officially announced that it will appeal this decision and will refer to the Prosecutor's Office. The expropriation procedure of the land plot started in December, 2008.

The initial property tax assessment of the plot of 4,585 sq m was over BGN 9 mln. "Obviously, at that time, this price seemed way too high to my colleagues. The Chief Architect of Sofia requested the permission of the then-mayor of Sofia - Boyko Borissov- to assign a new tax assessment of this estate,'' said Fandakova.

The new assessment value was BGB 4,539,150. Based on that tax assessment, the mayor issued an order for the expropriation of the land plot owned by the company Iris BN SPLTD. The property tax assessment was challenged. The court revoked the order of the Mayor of Sofia Municipality for the tax assessment of BGN 4, 539,150 and increased the amount of monetary compensation to BGN 8, 588, 572 - almost double the amount, said Fandakova. Interest rate included, the sum claimed by the company is about BGN 12 mln.

"This is racketeering of the Sofia Municipality and municipal funds. This is an extremely serious and infamous case. We will appeal and sue them with the court of last instance for the amounts exceeding nearly two-fold the tax assessment of the land plot," stated Sofia's Mayor.

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