Energo-Pro, the largest private water energy corporation in Czech Republic will sue the Bulgarian Privatization Agency for not keeping the bidding procedure and already approved for signing agreement. The first meeting of Supreme Administrative Court is September 24, was announced today. `We are deeply disappointed from the privatisation procedure in Bulgaria as Energo Pro was selected exclusive buyer for a water cascade in November 2000, we signed a preliminary contract and then was informed that the deal was cancelled.`, Jiri Krusina, Chairman of the board said. The Czech Energo Pro company, nominated as buyer of Sandanska Bistritsa cascade at the end-2000, complains against a decision of the Privatization Agency (PA) to terminate the procedure. The Sandanska Bistritsa procedure is stopped since the parameters attained are unprofitable for the seller, commented PA`s Director Levon Hampartsoumian. “It can not be a legal argument after the offer was approved”, Ivan gentchev, Bulgarian Energo-pro representative responds. As early as November 16, 2000 the former PA`s Director earmarked the Czech Energo Pro company as an exclusive buyer. The contract was to be signed in 30-day term at the agreed price of $33 M.

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