VMZ Co. Sopot to be sold by the end of November

“Having streamlined all terms concerning VMZ Co. Sopot’s privatisation procedure, we now expect it to be over by November 30,” Delian Dobrev, Minister of Economy, said after he met with the Social Minister Totyu Mladenov to discuss workers’ protests because of unpaid salaries. For the last three or four months, we have been working to secure more contracts for VMZ Co. Sopot, but the situation in the company is so dire that things have come to choosing between paying the workers and buying materials, Dobrev said. “We will do our best to complete one of the contracts in the next few days, so we can pay at least part of what the workers are due,” he vowed.

The three potential buyers are expected to submit their bids by October 29. The new owner, which will be determined by the Council of Ministers, will be required to liquidate all VMZ Co. Sopot’s public liabilities and take responsibility for any salaries left unpaid, according to Emil Karanikolov, head of the Privatisation and Post-Privatisation Control Agency. “We found the meeting useful insofar as we now know how the privatisation procedure has been progressing and that the deadlines have been shortened,” said Ivanka Ivanova of the Confederation of Independent Trade Unions of Bulgaria.

A decision on the final amount that workers should receive is expected by Friday. There is no problem with the National Revenue Agency (NRA) or frozen bank accounts of VMZ Co. Sopot, Dobrev assured. When the procedure is finalised, the new owner will have to liquidate all liabilities towards the state so NRA has agreed not to pressure the plant’s management in the last month.

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