Банкеръ Weekly

Briefs

LAWSUIT IN USA CONNECTED WITH THE BULGARIAN NHIF

The Federal Regional Court of North Carolina, USA, will try a case connected with the Bulgarian National Health Insurance Fund (NHIF). On July 3, 2001 AremisSoft Corporation, already notorius in Bulgaria, laid a claim against eight defendants, the BANKER weekly learned. BANKER is in a possession of the entire text of the filed document.
Five companies in California and three of their employees have been accused by the corporation for the slump of its shares in May 2001 on the New York Stock Exchnage and discontinuation of trade in them. One of the reasons for that was an assertion in US business circles thet AremisSoft had defrauded investors by providing incorrect information about the worth of its contract with the NHIF. Thus, magistrates will have to extend a ruling on that deal for a second time, after the Bulgarian Prosecutor's Office held an inquirey into the activities of the former minister of health care Ilko Semerdjiev in end-June.
The lawsuit in the US shall in no way influence the company's agreements with the NHIF, Vassil Kolev, Director General of AremisSoft's Bulgarian office said to the BANKER weekly. Even in case legal proceedings take an unfavourable turn, the company will fulfill its commitments to the NHIF.
The development of the lawsuit will undoubtedly depend on the answer to the question regarding the worth of the contract between AremisSoft and the NHIF. And the question is: is the contracted deal worth USD37.5MN or for USD3.75MN? It is this answer that will tip the balance of the US Themis. The court's ruling will put an end to the juggling with the two sums. What is interesting is that AremisSoft initiated the lawsuit, claiming to the magistrates and proving by documents that the disputed sum is USD37.5MN indeed. The same has been flatly stated by Vassil Kolev. In Bulgaria, however, both the former minister Semerdjiev and NHIF's head Dr. Boyko Penkov were so far denying that such a payment had been agreed. It was only in an official statement to the company after the failure of its shares, that Dr. Penkov specified the deal's worth could reach USD37.5MN.

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