Банкеръ Weekly

Briefs

TOKUDA CREDIT EXPRESS BANK HAS TWO MANAGEMENT TEAMS AGAIN

If there was a rating of the most extravagant banks, the prize would no doubt go to Tokuda Credit Express Bank. After it became notorious for the scandals among its shareholders and judicial inquiries into the activities of its foremer head Slavka Ivanova, the financial institution is currently facing a prospect of having two management teams for at least one more year. The first one, including Rozalina Natzeva, Ventsislav Velev, and Assen Zlatanov, was appointed by the bank's Supervisory Board in March 1999. They had to be replaced by Stoyan Alexandrov, Assen Droumev and Juli Popov in April 2001, but the Sofia City Court has delayed for more than 3 months the registration of the bank's 3 new managers. Thus, Tokuda Credit Express Bank is presently managed by two teams, working in next door offices and somehow manage to coordinate their decisions.
In end July the Sofia City Court again refused to extend a ruling on the application for registration of the new members of the bank's Management Board. Judge Naoumova has ordered that their registration should be considered after a ruling is extended and enforced on the lawsuit initiated by Garant Co against the decisions of the bank's general meeting held on July 7, 2000. At that general meeting Tokuda's major shareholders International Hospital Services, holding 53.34% of the bank's capital, and Bulstrad, which owns 33.34% of the shares, changed the Statutes and the members of the Supervisory Board. However, they were opposed by the companies, grouped around the former head of the credit institution Slavka Ivanova. One of them - Garant Co - insisted in court for revocation of the general meeting's decisions. Its claim will be heard on October 16, 2001, and after that the case will most probably go through Sofia Court of Appeal and the Supreme Court of Cassation. According to lawyers, the procedure will take not less than a year. Until then both the new and the old management boards of the bank should continue to work in peaceful cooperation.
This was the situation when the annual meeting of the credit institution was held on July 27. The meeting approved the bank's balance sheet and accounting report for 2000, audited by BDO Bulgaria. The shareholders also relieved of responsibility the members of its Supervisory and Management Boards. The major problem, however, regarding the two management teams remained unsettled. What is regretful in this case is that worthy and respected people become toys in the hands of dubious shareholders.

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