GORUBSO-Madan deal finalised

“The deal for GORUBSO-Madan has already been finalised,” Pencho Tokmakchiev, leader of the Federation of Independent Trade Unions of Miners with the Confederation of Independent Trade Unions in Bulgaria, told BNR. “The new concessionaire Nikolay Valkanov also confirmed that the legal formalities for the transaction have already been fulfilled. What remains to be done is transfering the ownership, but this will happen on Tuesday as the Austrian bank, where the assets of Valentin Zahariev are deposited, is not working because of the Easter holidays. By the middle of next week, the shares are expected to be endorsed and the State will become the owner of 20%, while the remaining 80%-stake will be held by Valkanov’s company Varba-Batantsi,” specified Tokmakchiev. All the parties have signed the document, the details have been specified and approved. Only the ownership remains to be transferred through the Austrian bank. After that, on Wednesday, the workers will probably enter the mines.

“Three investors - one Bulgarian and two foreign – announced their interest in the Lead and Zinc Complex-Kardjali and are currently negotiating with the present creditors,” Minister of Finance Simeon Djankov said during his inspection of the Makaza border check-point. The negotiations should be completed within ten days. Because of the concealed liabilities of the plant’s owner Valentin Zahariev to creditors, the investors are much more careful, especially after the sale of GORUBSO-Madan when it turned out that there were undeclared liabilities. According to Minister Djankov, the debts of the owners of the Lead and Zinc Complex-Kardjali total BGN 360 mln, rather than BGN 320 mln, as announced earlier. The main creditor of the company through other of his companies was the owner himself, Valentin Zahariev.

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