Банкеръ Weekly



Drastic replacements were made in the Board of Directors (BoD) of the State Insurance Institure (DZI) during the company's general meeting of shareholders on October 10. The blizzards that started whizzing last week around the higher management of the former state-owned insurer blew away all members of DZI's BoD. Its Chairperson and Executive Director Zhaneta Djambazka, the Executive Director Zdravko Desimirov, and Dancho Dancev, left DZI's structures in the beginning of the month. Now came the turn of the BoD Deputy Chairperson Maria Ilieva and of Todor Tsvetkov. The general meeting of the parent company was held according to the scenario of the meetings of DZI-General Insurance and DZI-Invest, held on September 30. Then Emil Kyulev was appointed BoD Chairman and the only Executive Director of the general insurance company. The Chairman of the Management Board and Executive Director of ROSEXIMBANK Diana Mladenova and Georgi Georgiev (so far unknown among insurance circles) were also appointed to its BoD. Ten days later Emil Kyulev was granted the same statute in the main company of the insurance group. Diana Mladenova was also elected in the BoD, whose third (new) member is DZI's employee Mr. Kichev.The former managers of the insurance companies were not relieved of responsibility. By these changes in the managerial team, DZI's new owner Emil Kyulev will keep a tight rein on the insurance company. In front of the BANKER weekly he commented that competitions for trade representatives of DZI would be soon invited and a new general meeting would be probably held in the beginning of 2003. Only the insurance company's auditor - Deloitte Touche - remained unchanged.The expectations that the Deputy Finance Minister Niha Ziya would be representing the State in DZI's BoD did not come true. Mr. Ziya was authorized for that by the Government on October 3 and his mission was to propose a change in DZI's articles of association, by which the company's registered stocks would be transformed into uncertificated, freely transferrable shares. This operation was aimed at launching the State's minority 20% stake in DZI for trade on the stock exchange. We'll be cooperating with the State in various ways even if it does not have a representative in the company's BoD, Mr. Kyulev said. He told the BANKER weekly that after the strenuous business meeting he would go hunting for big game in the Rhodopes mountain during the week-end.

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