Bulgaria's former Agriculture Minister, Hihat Kabil, had participated in a scheme for the draining of BGN 1,5 M, the current one, Miroslav Naydenov, informed Thursday.

Naydenov further says he would notify the Prosecutor's Office about the probe of the company “Bulgarproduct” to which the money has been given.

The Minister pointed out the company has no shareholders, dividends, and interest and is not conducting any activities.

In 2005, under a proposal of Kabil, BGN 1,5 M of the Agriculture Ministry money have been transferred to the company, and the transfer had been approved by two cabinets – of former Tsar, Simeon Saxe-Coburg and of the Socialist leader, Sergey Stanishev.

“Bulgarproduct” had been created to participate in a Russian-Bulgarian venture to build a center for the sale of Bulgarian produce near Moscow.

In June 2005, with a Saxe-Coburg decree, the State acquired BGN 1,5 M in shares in the company. The decree states the funds would be used for the development of a project to build the distribution center in the town of Podolsk.

Meanwhile, a company named “Soyuzproduct” had been registered in Moscow to become partner of “Bulgarproduct.” It provided the necessary land plot for the center, but later withdrew from the project and proposed the Bulgarian company buys out their shares, they estimate at USD 2,5 M, according to Naydenov.

During the”Stanishev” cabinet BGN 1,5 M were transferred to “Bulgarproduct.”

About BGN 200 000 are missing and BGN 80 000 have been lost in interest.

“Luckily, not all is lost, and we will do everything possible to bring back this money,” Naydenov said.

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