President Parvanov sent back to Parliament for further consideration the new act on privatization and post privatisation control, adopted on February 21, 2002. This is the first veto imposed by the President since taking office in January 2002. "The motives for the veto are of social nature," Nikolay Genov, the President's Secretary on Social Policy, told the media. President Georgi Parvanov sent the law back to parliament for further consideration, quoting lack of social aspects in the distribution of privatisation revenue and sufficient guarantees to investors taking part in privatisation as well as a removal of preferential treatment for management buyout teams. “The taking back of the Act for new discussion does not aim at and could not in reality hamper the work of the Government and to slow down the privatization process,“ the statement of the President reads.“I fully respect the constitutional right of the President to veto the act on privatization and post-privatization control. However, I do not agree with his motives,“ Deputy Prime Minister and Economy Minister Nikolay Vassilev said after a meeting with Bulgaria’s President Parvanov. He said that he was not willing to propose amendments to the act. The presidential veto will delay key sell-offs like those of Bulgaria's Telecom and the tobacco monopoly Bulgartabac, cabinet officials commented.