The draft contract with the Turkish runner-up Koc Holding/Turk Telecom for the privatisation of Bulgaria's Telecommunication Company (BTC) would not be submitted at the supervisory board of the Privatisation Agency before the final decision of the Supreme Administrative Court. Iliya Vassilev, director of the Privatisation Agency, said Monday.

Vassilev explained that there are legal options for continuing the negotiations with Koc Holding/Turk Telecom.

He added despite the privatization of BTC the company would remain Bulgarian company.

July 19 Bulgaria's former Economy Minister Vassilev broke the news that he has already ratified more documents with Turkey's consortium Koc Holding/Turk Telecom,namely - shareholders' agreement, agreement for managing services and project for BTC statute after its eventual privatisation.

Technically, the privatisation procedures are scheduled to be carried out within ten days after the five-member panel of the Supreme Administrative Court rules on the complaint, filed by the other bidder Viva Ventures against the decision of the supervisory board of the 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.

Should the five-member panel of the Supreme Administrative Court support the ruling of its lower panel, the other bidder Viva Ventures will be back in BTC privatisation deal, while the contracts with both bidders would be ratified by the Transport Ministry and the Privatisation Agency.