Moves in Bulgaria's Tobacco Monopoly Sale Defended

Business | November 1, 2002, Friday // 00:00| Views: | Comments: 0
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No changes happened in the period from July 22, 2002 to August 23, 2002 to make the Privatisation Agency ask for one-off improvement of the bids for Bulgaria's tobacco monopoly Bulgartabac, Apostol Apostolov, head of the Privatisation Agency, said at a press conference November 1. The time specified covers the period from the day four bidders submitted final offers to their ranking. The comment of the Privatisation Agency head comes several days after the Supreme Administrative Court overruled the decision of the Privatization Agency, with which the consortium of Tobacco Capital Partners and Clar Inns was named winning bidder for an eighty percent stake in Bulgartabac Holding. According to the court, the Privatization Agency had to ask for one-off improvement of the bids, because of the favourable changes in the financial condition of the company. In the opinion of the court this is a violation of the competition regulation. All bidders in Bulgartabac privatisation had equal access to the information on the financial condition of Bulgaria's tobacco monopoly, Apostol Apostolov underlined. The steps that the Privatisation Agency is to undertake in the wake of the Supreme Administrative Court decision, will be announced after the middle of next week. Deputy Prime Minister and Economy Minister Nikolay Vassilev confirmed that upon his return from Japan. In another development, rightist opposition United Democratic Forces (UDF) demanded that a new procedure for Bulgartabac Holding is opened.
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