EurActiv on 9th March reported that the Bulgarian and Czech governments are trembling because of the unfolding scandals surrounding a deal to sell the assets of ČEZ Bulgaria to an obscure private company with no experience. ČEZ is a Czech state energy giant in which pro-Russian President Miloš Zeman has a lot of sway.  On 22nd February, ČEZ officially announced the sale of its Bulgarian assets to the absolutely unknown Bulgarian company “Inercom Bulgaria”. The price for the purchase of the shares is €340 million, with which the buyer will acquire the business of supplying electricity to 40% of Bulgaria’s population.  The article says that the most problematic aspect of the scheme is the envisaged financing by offshore companies owned by a Russian-Georgian businessman with Bulgarian citizenship, Paata Gamgoneishvili, whose name appears in the Panama Dossier investigation.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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