Appeal against Ruling on Bulgaria's Tobacco Monopoly Confirmed

Business | November 8, 2002, Friday // 00:00| Views: | Comments: 0
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The Privatisation Agency officially announced it will appeal the ruling of the Supreme Administrative Court, which stripped the preferred buyer for Bulgaria's tobacco monopoly, the consortium Tobacco Capital Partners and Clar Inns, of its status. As seen by most of the motives, the court confirmed the rightness of the privatisation procedure for an eighty percent stake in Bulgartabac Holding, Apostol Apostolov, head of the Privatisation Agency said at a press conference November 8. PA will try to defeat the court's claims that there had been favourable changes in the financial standing of Bulgartabac that could have - but did not - influenced the price offered for it. He expressed the hope that the court will proceed with the appeal fast, so that all negative repercussions likely in the wake of privatisation delay may be avoided. It is reasonable that a higher legal institution rules on the presumed law violation or find the court's decision unfounded, Petko Nikolov, chairman of the Supervisory Council, said. In his opinion the evidence on the case will fail to defend the conclusions of the court. He questioned the presence of objective conditions for the Privatisation Agency to call another round, in which the bidders could factor in the company's better performance. The court's argument for asking for sweetening of the bids is based on information that Bulgartabac is in better shape, released after the bids were submitted.
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