FORMER PA HEAD TO SELL THE CIGARETTE FACTORIES
Iliya Kaloferov, former director of the Privatisation Agency (PA) during UDF's tenure in power, is the new Executive Director of Bulgartabac. The incumbent Director Georgi Kostov will retain his position and will attend to the holding's currect affairs, while Mr. Kaloferov will be responsible for the company's divestment. The decision was made by Bulgartabac's Supervisory Board at its first session on October 7.
Mr. Kaloferov, who is presently a member of the Supervisory Board of the pharmaceutical manufacturer Alen Mak AD, is a man with a rich business biography. He was on the BoD of Bulgarian Investment Bank, now - Commercial bank of Greece (Bulgaria), and chairman of the first management board of the former Bulgarian-Dutch Privatisation Fund. In 1997-1998 he was a member of the Management Board of Bulgartabac Holding, where he goes back now. Bulgartabac's new Management Board is chaired by the Deputy Minister of Economy Radoslav Bozadjiev. The small shareholders are represented in the Board by Evgeni Palyov, who participates in the managerial team of companies, connected with EIBANK (the biggest minority owner of Bulgartabac, holding more than 10 per cent). The other members of the Management Board are: Roumen Porozhanov (so far chairman of the holding's BoD), Oktai Ahmedov (Executive Director of the Tobacco Fund), and Mithad Metin (Chief Secretary of the Agency for Financial Investigation).