Банкеръ Weekly

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CHIMIMPORT'S OWNER BOUGHT 9.9% OF CCB'S SHARES

The Cyprian offshore company Fertitron Inc. purchased from ROSEXIMBANK 1,600,000 shares of BGL1 par value in Central Cooperative Bank (CCB), paying a total of BGL1.12MN, or BGL0.70 apiece. The deal was registered at the Central Depository on September 12, 2001, and as a result of it Fertitron Inc. acquired 9.8951% of CCB's capital.After the operation ROSEXIMBANK (chaired by Emil Kyulev), which held a 24.4% stake in CCB towards mid-August, is no longer a shareholder in the latter financial institution. In three transactions Mr. Kyulev has sold the entire package of CCB stocks to companies, connected with the Varna-based strong-arm group TIM.In the end of August 2001 the German company Bulchimex bought 6.2% of CCB's assets. The new owner is in fact a 100% subsidiary of Chimimport. The other 8.2% stake in CCB was acquired by Otornio Investment, a Cyprian offshore company, which is the owner of Naturella Com, managed by one of TIM's bosses, Tihomir Mitev. In October 2000 Fertitron Inc. purchased Chimimport, and a month later the management of the Bulgarian company was undertaken by Ivo Kamenov Georgiev, who was appointed to Chimimport's Supervisory Board in March 2001. Ivo Kamenov, Tihomir Mitev, and Marin Mitev are the three most influential persons in TIM. Thus, through Fertitron Inc, Bulchimex, and Otornio Investment, the Varna strong-arm group gained control on 24.4% of CCB's capital.It is claimed that these companies, the Central Cooperative Union, and ROSEXIMBANK, have signed an agreement for buying out a mojority stake in CCB and for its further development. And ROSEXIMBANK is one of the bidders for the purchase of the Bank Consolidation Company's 32.2% stake in CCB. If these shares are again sold to companies, connected with TIM, it will lay hands on 56.6% of CCB's capital, and would be able to change its statutes and elect the members of its Supervisory Board and Management Board.

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