site.btaSofia Appellate Court Upholds Distraint on Plovdiv Fair Shares, Contribution of Varna Municipality
Sofia Appellate Court upheld the distraint on the shares of the International Plovdiv Fair contributed by the Municipality of Varna, the Economy and Industry Ministry said in a press release on Monday.
In the case filed by Minister Bogdan Bogdanov before the Sofia City Court, the second special request for distraint on 16,314,400 registered dematerialized shares of the International Plovdiv Fair, representing 29% of its capital. The court’s decision is final and there can be no appeal against it.
The measure was admitted earlier by the Sofia City Court to secure the claim filed by Economy and Industry Minister Bogdan Bogdanov against the Municipality of Varna for recognition of the state's ownership of the 16,314,400 shares.
The state should retain its ownership in the International Plovdiv Fair, but also work for the development of the company. Plovdiv Fair is not managed effectively, so the Economy and Industry Ministry is focused on developing a strategy for its development, Bogdanov said, as cited by his ministry.
In early June, Economy Minister Bogdanov ordered a full legal analysis of the Plovdiv Fair case. Later, the Council of Ministers instructed the Minister to take all possible actions to protect the state interest. In mid-July, a lawsuit for recognition of the state's ownership of the shares was filed. Both special requests - to suspend the entry of the contribution in the Commercial Register and to impose a distraint on the shares, have been granted by final orders, the Ministry recalled.