site.btaState Consolidation Company CEO Will Keep His Position - Economy Minister

Deputy Prime Minister and Minister of Economy, Investments and Industry Alexander Poulev said on the Bulgarian National Television that the executive director of the State Consolidation Company, Konstantin Stoychev, will keep his post and will be responsible for managing the company and the complex processes of strengthening it.

Regarding the new appointment to the company’s Board of Directors of former caretaker energy minister Rosen Hristov, as one of its five members, the deputy prime minister said that Hristov was chosen due to his international experience in restructuring, mergers, and acquisitions in the private sector.

Of the State Consolidation Company, the minister said that there is a discrepancy between the official “rosy” reports of the previous management and the company’s actual serious financial condition, supported by signals from commercial partners.

“We had received signals from various business partners, from people connected to the structures, who gave us a completely different picture of the condition of the different companies. Accordingly, I have no other choice but to strengthen the Board of Directors in some form, to find people who have both strong international experience and administrative experience,” the economy minister said.

He also said that salaries in the Board of Directors of the State Consolidation Company have been aligned with standard pay, and noted that Rosen Hristov will work for EUR 1,770, which is ten times lower than the amounts publicly mentioned in the media.

Poulev also spoke about the Bulgarian Development Bank (BDB), recalling that under the adopted amendments to the Investment Promotion Act, the Minister of Economy will officially become the bank’s principal.

Poulev said that after taking over control, he will order a full audit and inspection of the bank.

“I have proven in the past that I am willing and have the reform-minded approach and political will to get to the bottom of all these corruption processes. A full audit and full inspection will be appointed, both in the BDB and in the State Consolidation Company, as well as in all other companies,” Poulev added.