site.btaNew SCC Board Member Hristov to Work toward Stopping Corruption Schemes, Malpractice, Siphoning of Funds

Rosen Hristov, a newly appointed member of the Board of Directors of the State Consolidation Company (SCC), stated on Nova TV on Sunday that he will work to put an end to all forms of corruption, malpractice, and the misappropriation of funds. His task will not be to investigate, but to identify the problems and introduce clear and transparent international procedures that prevent such abuses from occurring, he said.

“A huge part of the recovery process is ensuring that all corrupt practices, all misappropriation of funds, and all corruption schemes are stopped as a priority. My task is not to prosecute and investigate; my task is to identify them and, accordingly, to draft procedures that will prevent such actions in the future,” Hristov stated, adding that “large international companies do not have corruption because their procedures are designed in such a way that they do not allow people to engage in such practices.”

Hristov said he plans to conduct a comprehensive audit and review of the state of SCC and its subsidiaries, and a new strategy and business plan will be developed. In this regard, he emphasized his international experience in this field, which he will apply to local State-owned companies.

On Saturday, Minister of Economy, Investments and Industry Alexander Poulev took questions on Nova TV about Hristov's appointment. Hristov was caretaker energy minister in the Galab Donev government appointed in 2023 by then president - now Prime Minister - Rumen Radev. Hristov's name is associated with the signing of a controversial gas supply agreement between Bulgaria's Bulgargaz and Turkiye's BOTAS in January 2023. Last month, Energy Minister Iva Petrova said that revising the agreement was a priority.

“My position is not a full-time one; I am a member of the Board of Directors, with the primary task of assessing the company’s condition, conducting an audit, and seeking ways to turn it around,” Hristov noted, adding that his motivation for joining the SCC was not the widely reported high salary, clarifying that his compensation is around EUR 1,700.

In response to a question, Hristov clarified that discussions regarding his joining the SCC began several weeks ago, involving Deputy Prime Minister Poulev, the State Consolidation Company CEO, and other members of management, noting that the task is closely aligned with his areas of expertise - restoring the company’s financial health, restructuring it, and identifying new opportunities to increase the efficiency and profits of SCC and its subsidiaries.

On the contract with BOTAS, Hristov commented that its main problem is that it is currently being deliberately left unused. He gave the example that even the best running shoes do not improve one's physical fitness if locked away in a closet. He noted that the purpose of the agreement is to provide Bulgaria and the countries of Central and Eastern Europe with access to non-Russian gas, and that this objective was set by the European Commission and the Bulgarian Parliament. The former energy minister noted that the agreement was tied to a broader strategy for Bulgargaz’s entry into foreign markets and the company’s financial stabilization.