Supreme Court Convenes on Bulgaria's Telco Deal Case July 18

Business | July 8, 2003, Tuesday // 00:00

The Supreme Administrative Court launched legal proceedings under a complaint filed against the ruling, which favoured Advent's appeal against the decision to scrap the EUR 210 M sale of a 65-percent stake in Bulgarian Telecommunications Company BTC to the US private equity fund.

The five-member panel of the court will convene at an open session on July 18.

The court must come up with a final decision thirty days later. The decision will not be subject to appeal.

On June 20 a three-member panel of the Supreme Administrative Court overruled the decision of the Supervisory Council of Bulgaria's Privatisation Agency to scrap the EUR 210 M sale of a 65-percent stake in Bulgarian Telecommunications Company BTC to U.S. private equity fund Advent.

The Supervisory Council of the Privatisation Agency decided to appeal the court ruling July 4.
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