Emil Karanikolov: The sale procedure for Bulgartabac was transparent

“The sale procedure for Bulgartabac was transparent,” said yesterday Emil Karanikolov, Executive Director of the Agency for Privatisation and Post Privatisation Control, for the Parliamentary Economic Policy and Tourism Committee. The registered in Vienna BT Invest GmbH, owned by the Russian Foreign Trade Bank, won the tender for the tobacco holding and unexpectedly the sale contract was signed on Monday. “Even when we announced the buyer, he was given a 15-day deadline to indorse and sign the deal. The transaction was not done quickly but it came as a result of a well-considered decision,” said Karanikolov. He stated that the protection of State interests was its most crucial part. “We implemented a procedure providing for the full protection of the company’s assets. The new buyer will not be able to sell anything because very heavy restrictions have been stipulated in the contract – the penalties are 4-5 times higher than the price at which Bulgartabac was sold.”

“The transaction was carried out under extremely strong lobbying pressure,” said Yuliy Manoylov, Chairman of the Tobacco Industry National Trade Union at Podkrepa Confederation of Labour. Yordan Tsonev, MP from MRF (Movement for Rights and Freedom) said that the opposition will monitor very closely where the money from the sale will be remitted. Valentin Nikolov, MP from GERB (Citizens for European Development of Bulgaria) described the privatisation of Bulgartabac as “an issue requiring great courage”. The guarantees needed for Bulgartabac “have been achieved," he said.

Earlier yesterday, Parliament adopted at first reading the amendments to the Law on Privatisation and Post Privatisation Control proposed by Nikolov. These provide for the exclusion of the companies Bulgarian Posts JSC, ADIS JSC, Audio-video Orpheus JSC and the Military Publishing House Ltd from the list of companies banned for privatisation. Nikolov stated that the Bulgarian Posts JSC will remain on the list, with amendments to the bill which will be introduced between the first and second reading of the project.

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