Changes in BDB Management Finally Registered

Politics | July 7, 2021, Wednesday // 23:59
Bulgaria: Changes in BDB Management Finally Registered

The changes in the supervisory and management boards of the Bulgarian Development Bank (BDB), requested by the Minister of Economy Kiril Petkov, have already been entered in the Commercial Register.

This happened after he announced what has been publicly known for years - that the bank lends significant amounts to large companies with a dubious reputation, instead of supporting small and medium-sized businesses in Bulgaria, which is the task of the bank by law.

Vasil Shtonov, who was acting Minister of Economy and Energy in the caretaker cabinet of Georgi Bliznashki in 2014, and Valentin Mihov, who has experience in banks in Central and Eastern Europe and is now involved in management consulting business, are now part of the bank's supervisory board.

Vladimir Georgiev and Tsanko Arabadzhiev are also entered on the Management Board as executive directors. Krum Georgiev is also the new member of the board.

The changes came about after several failed attempts by the economy minister Petkov, who is the state bank's principal due to appeals from board members, whose removal he requested and the judge's refusal to approve the requests. The latter turned out to be a problem for personnel changes in other state structures as well, where it became clear that the cases go for hearing before the same judges, and their practices of resolving similar cases are different.

A week ago, he and his colleague Asen Vassilev, Minister of Finance, announced that they would file a counterclaim for damages caused to the state by the appellants of the registration changes.

All entries are in force from July 7.

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Tags: Petkov, BDB
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