Банкеръ Weekly

Briefs

THE PRIVATIZATION AGENCY STARTED A PERESTROYKA

Levon Hampartzumian's appointment as Executive Director of the Privatization Agency provoked a series of resignations throughout the hierarchy of the institution. Atanaska Bozova, Director of Post-privatization Control was the first who was asked to resign from her nice position. She was notorious for her close relations with the previous Executive Director Zachary Zheliazkov and about a year ago she was responsible for the big privatization deals with foreign intermidiaries, concerning for example the Balkan Airlines, Varna Shipyeard, Kremikovtzy.
The second newly opened vacancy is for the position of Vladimir Georgiev, Head of Financial provisioning of the privatization process. The person who would hold this position should be very well informed about the expenses related to each deal and about the additional payments for the PA staff.
The new stile of management is recognisable in the public announcements made for these two vacancies. Iren Valeva, Director of Deals - 1, who also belonged to the former director's team, will most probably leave her position also. Along with the above mentioned leaders, part of their advisors and subordinates are also leaving.
Hampartzumian's closest assistants at the Agency will be his recent colleagues from the Ministry of Economy. PA Supervisory board this week undertook to adopt new internal rules of the Agency, as the current ones were adopted in 1994. The new internal rules will regulated the management of PA's new board through its three-member Executive board, as well as the extended authorities of the Supervisory board.
The new approach to transparency is based on the Information Access Act, said the new PA Director. Hampartzumian still cannot discuss the deals signed by his predecessors, as he would like first to get better acquainted with the privatization contract details. Assisted by the Supervisory board and the total PA staff Hampartzumian hopes to specifically analyze each substantial deal, signed by Zachary Zheliazkov. As far as the Balkan Airlines privatization is concerned, the new PA director has met only representatives of the Ministry of Transport and Telecommunications, but he has laso invited for discussion the national aircarrier directors. According to Hampartzumian, the problems in the Balkan Airlines lie in the rather delayed restructuring of the company in view of the difficulties, experienced by Bulgarian air carriers.
Restructuring of PA activities will continue in full volume regarding its relations with the remaining state institutions. Besides the complete consensus between the newly elected Executive board and Suppervisory board and Bachvarov and Hampartzumian as their respective leaders, they will also enjoy the total support of Prime Minster Ivan Kostov. This will also guarantee the successful finalization of the big privatization deals - the State Insurance Institute (DZI) and Bulgartabac Holding, which will anyway take place before the parliamentary elections in the summer of 2001.

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