Банкеръ Weekly

Briefs

BGN300,000 LOAN EXTENDED TO A PRIVATE COMPANY BY A STATE-RUN PRINTING HOUSE

The priniting house Form Print - a company which is 100% owned by the Finance Ministry - has taken the liberty to give money to private companies. The information was made public at a press conference by the Finance Ministry's Secretary General Tencho Popov.He specified that on July 2, 2001 Form Print EOOD, represented by its then Manager Krassimir Donov (who was deputy chairman of the Bulgarian Democratic Forum, whose leader is the former finance minister Mouravey Radev) closed a contract for temporary financial aid (whatever this might mean) with Seedkor OOD - owned by Vladimir Pavlov and the lawyer Nikolai Borissov. The two of them obviously has special merit either to the manager of the printing house or to any of his chiefs because Seedkor received from Form Print BGN300,000.The incumbent Secretary General of the Finance Ministry, to whom such contracts go, commented in front of the BANKER weekly that he did not know the reasons for granting such an interest-free and unguaranteed financial loan. But Seedkor's owners obviously knew where the key to the Treasury's vaults were hidden as they suceeded to get from it BGN300,000 only against a document, titled Contract for Temporary Financial Aid. The company prints excise labels, bingo tickets, transport tickets, taxation forms and other documents, whose total number is several billions a year. Anyone could guess what money we are speaking of, even if we presume that a single copy of the above-mentioned documents costs BGN0.01. According to Mr. Popov, Form Print allocated the BGN300,000 to Seedkor for a period of one month without demanding any interest. No guarantees are mentioned in the contract either. The Finance Ministry does not know why Seedkor got the money from Form Print and what it was spent on. But it's more curious how many companies, at that private, could borrow from the Finance Ministry not BGN300,000 but just BGN30,000 without providing guarantees, paying interest and returning the money. Because the credit extended by Form Print was not paid back in due term. And as a reward on August 17, 2001, the manager of the printing house agreed that the BGN300,000 loan would be paid off through delivery of fuels, construction and repair work of the printing house Form Print, advertising the printing house in the media, etc.Thus, the contract for temporary financial aid became a contract for services, but neither their volume, nor the prices were specified. No terms for the fulfillment or forfeits were stipulated either, Mr. Popov explained. He specified that a small portion of the fiancial aid was paid back, but the prining house still has to receive the balance of BGN215,862.Now this money should be collected by the new head of Form Print Pavel Yanev. Mr. Popov claims that the contract between the printing house and Seedkor was closed in violation of the state-run company's articles of association, where it is explicitely stated that the manager should ask the principal's permission for such deals. But no permision from the Finance Minister has been asked and given. The case, according to Mr. Popov, shall be forwarded to the investigation authorities and the prosecutor's office.

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