Prosecutors Elaborate on Abeyance Allegations for Bulgarian ex-Energy Min

Business » ENERGY | January 3, 2017, Tuesday // 14:28
Bulgaria: Prosecutors Elaborate on Abeyance Allegations for Bulgarian ex-Energy Min File photo, EPA/BGNES

The indictment of Traycho Traykov, a former Economy and Energy Minister, is on abeyance that brought BGN 20.8 M in damages from the state, the prosecuting authorities say.

A day after Traykov's own announcement, the Sofia City Prosecutor's Office has formally confirmed the charge against him of "not having taken enough care" of the management and preservation of state property assigned to him.

Allegedly, while serving as Energy Minister, he sold the state-owned stake (33%) in EVN Bulgaria Elektrorazpredelenie AD, an electricity distribution company, in violation of a government strategy of 2003 under which the government had to register a margin of profit through the deal.

The prosecution adds that Traykov sold 51 612 shares at a price of BGN 1600 per share (EUR 818). While a share in the company was worth EUR 1412 at as of the moment Austria-based EVN acquired 67% in the company, a subsequent expertise lowered the price tag to EUR. 909.5.

It was, however, the consultancy company Bulbrokers EAD that allegedly miscalculated the price.

Traykov denies any wrongdoing, saying the charges are politically motivated.

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Tags: Sofia City Prosecutor's Office, Traycho Traykov
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