From the Archive: Establishment of MG Asset Management Company

Views on BG | March 8, 2003, Saturday // 00:00| Views: | Comments: 0

Sofia, Bulgaria - 26 September 2000 - The management of MG Corporation's assets has been assumed by MG Asset Management Company (MG AMC). The main objective of the new entity is to steer the development of the Corporation in line with international business standards and the requirements of Bulgaria's upcoming accession to the European Union. MG AMC's focus is on establishing and maintaining the highest level of competence and integrity, on applying recognized business practices and innovative approaches. MG AMC will provide first-class asset management to MG Corporation as well as other Bulgarian and international clients.

Ilia Pavlov is the Chairman of MG AMC's Board of Directors and Boyana Popova is the Deputy Chairman of the Board. The Executive Directors, as well as Members of the Board of MG AMC are Boris Genovski and Michael Descheneaux. Boris Genovski is a former Chargй d'Affaires of the Bulgarian Mission to the European Commission in Brussels and former Country Managing Partner of Andersen in Bulgaria. Michael Descheneaux was formerly Andersen's Regional Managing Partner for Central and Eastern Europe for Financial Services, having previously worked for Crйdit Suisse First Boston's Risk Management Group.

Also a member of the Board of Directors is Brian Jenkins, Special Advisor to the International Chamber of Commerce and Member of the Board of Directors of ICC Commercial Crime Services, Senior Advisor to the President of the RAND Corporation and Head of the Political Sciences Department of the RAND Corporation. Gerhardt Baum, former parliamentary undersecretary of state and Federal Minister, Secretary of the Federal Union of Employers in Germany, with twenty years of experience as MP of the Federal Republic of Germany and Chairman of the German Delegation to the United Nations in the Commission on Human Rights, is a member of MG AMC's Board with responsibilities for European integration of MG Corporation.

Nikolay Vulkanov, Nelly Sandalska and Pavel Naydenov are also members of the Board of Directors of MG AMC, responsible for the Energy and Natural Resources, Hospitality and Tourism, and Food and Commodities Divisions of MG Corporation, respectively.

MG AMC's mission is to maximize the value of shareholder assets and to protect the interests of the shareholders of the MG Group companies while

maintaining an entrepreneurial environment that encourages and supports creativity, initiative and professional development.

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