Dimana Rankova brings confusion to the Stock Exchange

There is tension among observers and bidders at the Bulgarian Stock Exchange (BSE) and it has been mounting since Friday, judging from various Internet forums. The reason is the unclear interpretation of the ruling of  the Supreme Administrative Court from 9 August, which allowed for Energoni-JSC to be listed again on the Exchange. The company holds a capital of BGN 574 mln, but was imposed a compulsory administrative measure by the Financial Supervision Commission. On 15 April 2010 the Financial Regulator sent a letter to the Stock Exchange suspending the stocks of Energoni-JSC. The reason for the imposition of this measure was FSC's suspicion that the capital assets of BGN 574 mln comprised only of a single patent. It was dubbed "Method for Construction of a Wind Farm owned by Energoni-JSC", bearing number 64,239. So far, it remains unclear whether this assessment is realistic or not, provided that it comes down to an intangible asset.

The case of Energoni-JSC and BSE can be resolved only by the Dimana Rankova, who is close to the 'Capital' circle and a FSC Vice Chairwoman. She is in charge of the Supervision of Investment Activities Department and it is within her powers to challenge the SAC ruling. The appeal deadline expires on Tuesday. Moreover, the SAC ruling was based on one of her letters where she argues that there were newly arising circumstances on the case and that despite the availability of a stringent administrative act, the latter is virtually inapplicable. The letter dated July, 26, 2011 was cited by the SAC ruling and was posted on the official website of the institution. Before the editorial completion of Klassa daily, Rankova herself did not clarify what these new circumstances were and whether she would challenge the Court's decision. Instead, she evaded any explanations by referring the case to her FSC colleagues.

"Last week I was on vacation and  I just coming back yesterday," said Rankova. She explained that she did not know why her colleagues had not yet appealed the SAC ruling, including her Vice Chair, who acted as her substitute during her holidays. "It seems somewhat absurd because since this Friday the Energoni-JSC shares have been traded again. I do not know why none of the FSC representatives failed to demand that the seven-day appeal period be observed before the trading starts," commented Rankova. The inquiry of Klassa daily, however, showed that Rankova has been on the job since Friday and that she is actually the only person who can contest the ruling.

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