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Large-scale Abuses Discovered at Bulgaria's Sunny Beach Resort

Source: Sofia News Agency (www.novinite.com)
Published Date: 27 May 2010

Large-scale abuses were discovered in less then three weeks after the State replaced the minority shareholders' Managing Board of Bulgaria's largest sea resort Sunny Beach.

The information was reported Thursday by the Minister of Economy, Energy and Tourism, Traicho Traikov, who says the violations are going to involve the Prosecutor's Office.

The Minister explained the list is too long, and only offered as example the draining of BGN 40 000 a month through a scheme to tow parked vehicles. Traikov also pointed out that the company had over the years revenues of over BGN 100 M while only BGN 10 000 were found in its treasury.

The State is the majority owner with 75% of the shares in the resort, but two cabinets failed to replace its Board, which ruled for 9 years.

One of the unresolved issues between the company and the hotel owners, still looming right before the beginning of the summer season, is the maintenance of the resort's infrastructure. The plan is to either transfer the infrastructure ownership to the Nessebar Town Hall or for the Economy Ministry to buy out the minority shares and give the State the responsibility of maintaining the alleys, the lighting, and other common use spaces. The hotel owners are, however, divided between the two options while it remains unclear if the State has the funds to undertake such move.

Traikov declined to comment on the possibility of the State taking over the "Sunny Beach" infrastructure..