Bulgarian tycoon Hristo Kovachki, who has diverse interests, ranging from manufacturing and banking to energy and retail, has initiated the establishment of an industrial chamber in a bid to wipe out corruption schemes.

The Bulgarian Industrial Chamber (BIC), which will be officially established on May 22, claims to be the only one capable of effectively combating corruption schemes, which it says operate with 15% of the local business money.

The formation, whose leader Hristo Kovachki sponsors the Lider party but has also been investigated for tax evasion, aims to bring together small and medium-sized companies as well as big businesses.

"There are currently six nationally representative business associations in Bulgaria, but none of them is efficient in its response to the economic crisis and the help it gives to its members," Emil Popov, member of BIC initiative committee said in the town of Burgas.

The chamber has set as its main aim to become a member of the National Tripartite Council and promised to open an office in Brussels in six months.

The chamber plans to draw up a unified register for unethical members, staff, suppliers and clients.