Ex CEO of Collapsing Bulgarian Railways Charged with Dereliction of Duty
The Sofia City Prosecutor's Office has charged Hristo Monov, an ex CEO of the highly indebted Bulgarian State Railways BDZ, with a dereliction of duty.
On Tuesday, the prosecutors submitted their charges against Monov to the Sofia City Court, the press center of the Sofia City Prosecutor's Office announced.
The charges have been investigated and prepared by a specialized unit combating corruption and financial and tax fraud, it said.
Monov, who was the CEO of BDZ between March 2008 and October 2009, is accused of deliberately failing to put enough effort into the management, governance, and protection of the property of BDZ Jsc.
He is also accused of failing to executive a contract between BDZ and a private company that resulted in a loss for BDZ amounting to BGN 170 000.
Monov is already facing charges over the purchase of 30 second-hand sleeping cars during his term in charge of BDZ, which is alleged to have resulted in the loss of BGN 24 M for the state company.
Before becoming the CEO of BDZ, Monov has had a long career at various senior positions at the Bulgarian State Railways. Some journalistic investigations have mentioned his name among the officials responsible for allowing Bulgaria's emerging organized crime groups to use the railways to sell entire freight trains of embargoed oil to the Milosevic regime in the former Yugoslavia in the early 1990s. However, these alleged crimes were never formally investigated or prosecuted.
The Bulgarian State Railways, whose total debts near BGN 1 B after decades of mismanagement, high-profile embezzlement, and low-profile theft, have just averted their collapse after the government designed to restore their previously terminated subsidy.
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