Банкеръ Weekly

Briefs

BCC TO EXIST YET ANOTHER YEAR

The Bank Consolidation Company (BCC) will continue to exist yet another year despite the liquidation procedure it is in, the general meeting of BCC's shareholders decided on October 31, 2005. The company set in 1992 to consolidate and privatize state-run banks in this country, was slated for liquidation in October 2004 (twelve months after it sold the last institution - DSK Bank - whose sole owner it was). It was decided that within a year the building where it has been accommodated and its vehicles would be sold out, to identify all its shareholders and distribute among them the money, accumulated in accounts.
Finding out the shareholders, however, proved to be the problem for the completion of liquidation in due term. About 99.4% of BCC's stocks are owned by the Finance Ministry and the remaining 0.6% are distributed between the Sofia Municipality and another some 1,000 firms and banks. Some of the shareholders, such as EIBANK, HEBROSBANK, DZI Bank, Chimimport, and Nitex, are well-known. But many of the others are divested formerly state-run companies, which were later sold out to third investors or went bankrupt and their assets, their shares in BCC included, were sold out.
Back in November 2004 BCC's liquidator Nelly Kordovska sent to the addresses of all firms, registered in the shareholders' book, letters requesting them to specify the number of shares they possess and present documents proving that. A year later some 350 companies have not answered back yet. Therefore, on October 31, 2005, BCC's general meeting decided to extend the term for its liquidation by one more year, hoping that all uncertainties will be eliminated till then.
Nelly Kordovska has so far distributed BGN120MN between shareholders. In June 2005 she remitted to the Finance Ministry BGN119MN and BGN1MN was distributed between the other 1,000 small stockholders. The money, belonging to the firms who have not answered BCC's letter, have been deposited in a special account and will be remitted to the shareholders after they establish their identity as such.
BCC currently has some EUR7MN and BGN300,000 on deposits, to be distributed immediately before the completion of the liquidation process. That may be done before the new one-year term elapses if the 350 missing firms give a sign about their existence and present documents, verifying they possess the respective number of stocks.

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