Банкеръ Weekly



The Board of Directors (BoD) of the Bulgarian Stock Exchange - Sofia (BSE-Sofia) was officially left with one member less after on September 3 the company's general meeting released Vladimir Karolev from his position. He gave in his resignation in the spring of 2002 in protest against the exclusion of DSK Bank and the electricity distribution companies from the list for privatisation against compensation notes. Thus, the BoD includes six members now - the Chairman Apostol Apostolov, his deputy Viktor Papazov, the Executive Director Georgi Draychev, Bistra Ilkova, Head of the investment intermediary Aval In, Vladimir Valchev from the Ministry of Finance and Kalin Mitrev, Bulgaria's representative at the European Bank for Reconstruction and Development (EBRD).BSE-Sofia's general meeting also appointed representatives of its shareholders in the commission which will be coordinating with the BoD all decisions for sanctions imposed on bankers, for launching new issues, and for other related activities. The two representatives are Todor Breshkov, Manager of First Financial-Brokerage House, and Vesselin Ralchev, former member of the State Securities and Exchange Commission and main owner of the Dealing Financial Company. Several other organisations, including the Association of Commercial Banks and the Association of Licensed Brokers will also have to appoint their representatives in the commission.BSE-Sofia's shareholders also appointed new heads of the Court of Arbitration to the company which settles all arguments between traders. Lyubomir Novikov, head of a legal office, was appointed Chairman of the court and his deputies will be Margarit Ganev, Doctor in International Law, and Tzvetelina Bondarenko, Curator at the Central Depositary. So far the Court of Arbitration was headed by the economist Andrey Prumov, Manager of the intermediary Adlon Discount. BSE-Sofia's shareholders find it more normal to have lawyers and not economists for judges.

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