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Wed, Feb 08 2012
Debt exchange-able
The stock exchange might incorporate trade of state receivables in the next few months, if the Government decides to enforce the idea of the establishing a debt market in Bulgaria.
Currently, financial experts are discussing the idea of creating such a debt market, the State Receivables Agency (SRA) reported. Receivables of all kinds of debtors will be offered on this market and one of the possible and most convenient avenues is to use the stock exchange listings.
By the end of this year, private companies will start collecting taxes, social security contributions and penalties on privatisation contracts on behalf of the state. This was announced in Varna Saturday by State Administration Minister Dimitar Kalchev. According to him, some of the functions of SRA and the Post-privatisation Control Agency should be granted in concessions. This is also part of the Government's programme for transferring administrative services to private companies.
The SRA has to collect more than 1.8 billion leva in unpaid taxes. The privatisation control authorities on the other hand, have to collect about 800 million leva in penalties on non-performed privatisation contract commitments. Private companies will be more efficient in doing this, Kalchev said.
This year marks the first decrease of the overall debt of companies to the state, SRA's executive director Stanislav Mihailov told a seminar in Hisarya during the weekend. This is the first time it has happened in Bulgaria since the beginning of the transition period, he added.
SRA is preparing to execute a complete audit of the property and financial resources of the non-repaying debtors to decide what measures to impose on them. The results are expected to be clear within a couple of months, Mihailov said.
More than 1100 top company executives have had their passports confiscated due to outstanding debts to the state. The documents were taken from them when they tried to travel abroad at border checkpoints. To establish the property status of the debtors, the SRA has made inquiries to all banks in the country and all relevant institutions and administrations.
- Business Staff
Currently, financial experts are discussing the idea of creating such a debt market, the State Receivables Agency (SRA) reported. Receivables of all kinds of debtors will be offered on this market and one of the possible and most convenient avenues is to use the stock exchange listings.
By the end of this year, private companies will start collecting taxes, social security contributions and penalties on privatisation contracts on behalf of the state. This was announced in Varna Saturday by State Administration Minister Dimitar Kalchev. According to him, some of the functions of SRA and the Post-privatisation Control Agency should be granted in concessions. This is also part of the Government's programme for transferring administrative services to private companies.
The SRA has to collect more than 1.8 billion leva in unpaid taxes. The privatisation control authorities on the other hand, have to collect about 800 million leva in penalties on non-performed privatisation contract commitments. Private companies will be more efficient in doing this, Kalchev said.
This year marks the first decrease of the overall debt of companies to the state, SRA's executive director Stanislav Mihailov told a seminar in Hisarya during the weekend. This is the first time it has happened in Bulgaria since the beginning of the transition period, he added.
SRA is preparing to execute a complete audit of the property and financial resources of the non-repaying debtors to decide what measures to impose on them. The results are expected to be clear within a couple of months, Mihailov said.
More than 1100 top company executives have had their passports confiscated due to outstanding debts to the state. The documents were taken from them when they tried to travel abroad at border checkpoints. To establish the property status of the debtors, the SRA has made inquiries to all banks in the country and all relevant institutions and administrations.
- Business Staff
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Appointments
British Council
Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.
CEZ
Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.
BASF Bulgaria
Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.
Rompetrol Bulgaria
Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.
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