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Bulgaria State Vows to Resume Plovdiv Fair Ownership
Business | April 19, 2010, Monday // 17:34
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Economy Minister, Traicho Traikov (center) tastes a glass of wine at the Plovdiv wine expo in March while the owner of the Plovdiv Fair, Georgi Gergov (l) listens to explanations about the wine making process. Photo by BGNES
The Bulgarian State is attempting to get back the ownership over the Plovdiv International Fair through the court system, Economy Minister, Traicho Traikov, informs.
Traikov said Monday he had filed a law suit with the Regional Court in the second largest city of Plovdiv because a probe of his Ministry of the privatization of the company had revealed doubts about violations of the Trade and Privatization Acts.
Currently 50.3% of the shares of the International Plovdiv Fair are owned by the “Puldin Tournvest” company whose majority share package belongs to businessman, Georgi Gergov. The State has 49.6% while the remaining 0.01% belong to several individuals.
Gergov acquired the majority share package of the company, which was not slated for privatization, in 2008 by purchasing them from restitution owners.
Soon after the cabinet of his Citizens for European Development of Bulgaria (GERB) party came into power, Traikov declared he would return the ownership of the Plovdiv Fair back to the State. The first idea was to increase the capital, but the move could not be carried out without the agreement of “Puldin Tourinvest.”
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