Following a long-protracted trial, a Bulgarian court has cleared for the first time Toshko Dobrev, former CEO of the notorious municipal real estate company Sofiyski Imoti (Sofia Properties).

Prosecutors have accused Dobrev of signing 12 contracts in 2003 for selling properties at far below their market prices. The indictment is based entirely on real estate valuation performed by the expert Alex Nikolov, according to which the sales have incurred BGN 2 M of losses to the municipality.

Prosecturors demanded that Dobrev is sentenced to seven years in prison.

This is just the third completed trial out of seven legal proceedings against Dobrev and ten of his assistants and subordinates.

In the middle of January Sofia City Court sentenced Dobrev to four years in prison after finding him guilty of mismanagement and signing unprofitable transactions, which robbed the municipal company of over half a million levs.

A month later Sofia City Court handed down to him another four years in jail for swapping a real estate property in Lyulin residential district for 26 automobiles Peugeots. The deal has robbed the municipal company of 300,000 levs, the judges said.

Dobrev has been accused of a number of abuses of office since the trial against him and another 13 former officials from the municipal company began in 2003.

In the years 2003-2004, the municipal company allegedly let out buildings, apartments and office spaces in the center of the city at prices considerably lower than their market value.

The case was launched eight years ago, with Sofia City Court postponing proceedings a number of times in 2009.

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