METALLURGICAL plant Kremikovtsi owes a total of more than 146 million leva, according to a report on the steps taken towards collecting state receivables from Kremikovtsi discussed by the Government on September 9.
Prime Minister Simeon Saxe-Coburg gave the ministers of the economy and finance one month to submit a report on the steps taken to co-ordinate the actions of Kremikovtsi's state-owned creditors. The document was presented to him at the regular meeting of the Government.
The report says public state receivables due for enforced collection under the Tax Procedure Code total 79.8 million leva, of which 72.7 million leva are owed to the Customs Agency, 5.1 million leva to the National Social Security Institute, 1.5 million leva to the Environment and Waters Ministry, as well as 397 000 leva to the court.
The following attachments are in place: on all of the company's bank accounts denominated in leva and foreign currency, all shares and interests held by Kremikovtzi, also on 21 vehicles and on 227 properties.
Kremikovtzi owes the State Fund for Reconstruction and Development $44.5 million dollars in interest payments and principal repayments. Its ZUNK bond related debts amount to $6028 and 1516 leva. The company also owed 6.3 million leva in taxes at end-July.
The Government decided to restrain all of Kremikovtsi's shares, all bank accounts in local and foreign currency, movable and immovable property to cover the debts. But this will in some measure hamstring government negotiations with the Indian Ispat group over the prospective sale of the majority stake in Kremikovtsi, company sources said.
The Indian company Global Infrastructure Holding is a part of the Ispat group and was willing to invest over 300 million euro in the Bulgarian steel plant. This was considered as the last chance to save the company.
Kremikovtsi reported a net profit of 120 million leva for 2003, compared to a loss of 10.7 million for 2002. The company's operating profit came to 39 million leva. Kremikovtsi generated a turnover of 680.4 million leva from sales of metals for 2003. Taxes paid to the budget amounted to 9.5 million leva.
- Business Staff
Prime Minister Simeon Saxe-Coburg gave the ministers of the economy and finance one month to submit a report on the steps taken to co-ordinate the actions of Kremikovtsi's state-owned creditors. The document was presented to him at the regular meeting of the Government.
The report says public state receivables due for enforced collection under the Tax Procedure Code total 79.8 million leva, of which 72.7 million leva are owed to the Customs Agency, 5.1 million leva to the National Social Security Institute, 1.5 million leva to the Environment and Waters Ministry, as well as 397 000 leva to the court.
The following attachments are in place: on all of the company's bank accounts denominated in leva and foreign currency, all shares and interests held by Kremikovtzi, also on 21 vehicles and on 227 properties.
Kremikovtzi owes the State Fund for Reconstruction and Development $44.5 million dollars in interest payments and principal repayments. Its ZUNK bond related debts amount to $6028 and 1516 leva. The company also owed 6.3 million leva in taxes at end-July.
The Government decided to restrain all of Kremikovtsi's shares, all bank accounts in local and foreign currency, movable and immovable property to cover the debts. But this will in some measure hamstring government negotiations with the Indian Ispat group over the prospective sale of the majority stake in Kremikovtsi, company sources said.
The Indian company Global Infrastructure Holding is a part of the Ispat group and was willing to invest over 300 million euro in the Bulgarian steel plant. This was considered as the last chance to save the company.
Kremikovtsi reported a net profit of 120 million leva for 2003, compared to a loss of 10.7 million for 2002. The company's operating profit came to 39 million leva. Kremikovtsi generated a turnover of 680.4 million leva from sales of metals for 2003. Taxes paid to the budget amounted to 9.5 million leva.
- Business Staff
