Банкеръ Weekly

Briefs

BOYANA FILM SALE DRAFT AGREEMENT WAS SIGNED

The US New Image company and the Privatisation Agency (PA) signed a draft agreement for the sale of 95% of the capital of Boyana Film. The US Charge d'Affaires Jeffrey Levine and the Minister of Administration Nikolay Vassilev attended the signing of the document on August 16. Why such imposing appearance was needed remained unclear, as the signing will bring no practical results - at least since the Supreme Administrative Court stopped the preliminary implementation of the PA decision to declare New Image buyer of the stake. Asked about whether the signing contradicts the decision of the supreme magistrates, the US company lawyer Ivan Todorov said that it was a procedural and not an administrative act. Which means that it cannot be appealed against and it does not violate the supreme court's decision. The PA announced in a special press release that any future actions related to the signing of the cinema centre deal will be taken in accordance with the decision of the court.The privatisation procedure was contested by the German Bavaria Film company which ranked second in the competition. Legal proceedings were initiated in the Supreme Administrative Court by its appeal, as well as by an appeal filed by Dragon International Studios Bulgaria Ltd. The case will be opened on November 9.

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