Bulgaria’s economy minister has criticized an Abu Dhabi company interested in investing in a Formula 1 racetrack near Sofia after the scandal over the deal tarnished the image of his department.

“The investors acted without much integrity and I already have my doubts about their intentions,” Minister Traicho Traikov told the morning broadcast of private TV channel bTV on Wednesday.

Bulgaria's Formula 1-gate emerged last week after the Economy Minister Traicho Traikov and the Chair of the Emirates Associated Business Group (EABG) Mohammed Abdul Jalil al Blouki signed in Sofia a letter of intent, under which the Abu Dhabi company declared interest in infrastructure projects in Bulgaria, including the possible construction of a Formula 1 circuit at Dobroslavtsi near Sofia.

The scandal erupted at first when the press center of the Economy Ministry reported incorrect information about the EABG Chair (styling him the Sheikh of Abu Dhabi) Mohammed Abdul Jalil al Blouki and the agreement itself.

“The whole situation turned hysterical. I represent a state institution and every investor has to prove the seriousness of its intentions,” the minister said.

He slammed the Abu Dhabi company for refuting the information in the ministry press release by sending an e-mail to a local newspaper.

“Serious investors don’t send letter to newspapers. If the economy ministry press release contained mistakes, the question is whether this apparently serious investor has not discredited himself.”

The minister promised cooperation for the project, but called on the Abu Dhabi company to clean the stain from its reputation.

According to him the project can be implemented, only if the investors vow to fund it, while the state find it profitable and join as a partner.