Sofia Heating Utility CEO Dismissed over KTB Assets

Business » FINANCE | July 24, 2014, Thursday // 15:52| Views: | Comments: 0
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Bulgaria: Sofia Heating Utility CEO Dismissed over KTB Assets Toplofikatsiya Sofia CEO Stoyan Tsvetanov. Photo by BGNES

Sofia Municipal Council has discharged Stoyan Tsvetanov, who heads Toplofikatsiya heating utility's branch in the capital.

The decision was taken by a majority of 37 to one, with five abstained.

Tsvetanov has been criticized for having deposited 90% of Toplofikatsiya Sofia's funds, which amount to BGN 80 M (EUR 40 M), at Corporate Commercial Bank (KTB) without a proper decision from the Board of Directors.

Up to the beginning of 2014, the utility had about BGN 10 M in the bank (where it has had an account since 2004), and the rest were accumulated over the past months, website reports municipal councilors as saying.

Tsvetanov allegedly took the decision in person.

All the assets are now blocked after the Bulgarian National Bank (BNB) imposed special supervision on KTB, thus preventing it from carrying out operations with customers' assets.

At the same time about 200 employees of Toplofikatsia defended Tsvetanov's actions by staging a protest in front of Sofia Municipality's building, demanding that he remain in office.

Though admitting he had marked success in managing the utility, GERB councilors (a majority in Sofia) stressed his investment program had been exposed to "risk" by his actions.

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Tags: Stoyan Tsvetanov, Toplofikatsiya, heating utility, sofia, GERB, Sofia Municipal Council, councilors, BNB, Corporate Commercial Bank, KTB
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