Prosecution Wants Bulgaria's Telco Deal Cancelled

Business | December 11, 2002, Wednesday // 00:00

The Supreme Administrative Prosecutor's Office asked the Supreme Administrative Court to cancel the sale of the Bulgarian Telecommunications Company. After the magistrates reviewed the documents related to the privatisation procedure, they concluded that the procedure was substantially flawed and lacked transparency and economic efficiency. According to the Supreme Administrative Prosecutor's Office the requirements for the preferred buyer were not met. The magistrates also detected discrepancy with the privatization and post-privatization law. The Supreme Administrative Prosecutor's Office demands the decision of the Privatization Agency to be invalidated. On Friday, the Supreme Prosecutor's Office ruled the suspension of the telecom sale after a signal by rightist opposition UDF for wrongdoings in the privatization procedure. Viva Ventures Holding GmbH was selected preferred buyer for a 65 percent stake in the Bulgarian Telecommunications Company end-October. Viva Ventures Holding GmbH was registered by British-based equity house Advent International especially for the purposes of BTC privatisation.
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