site.btaInterV Complains about Judicial Obstacles in Bulgaria

InterV Complains about Judicial Obstacles in Bulgaria

Sofia, February 3 (BTA) - InterV Investment S.a.r.l. (InterV) has complained about its problems with the Bulgarian judiciary, claiming that there are no grounds to challenge its right to ownership and control of Viva Telecom Bulgaria under Bulgarian legislation.

Luxembourg-registered InterV Investment S.a.r.l. is the sole owner of Sofia-based Viva Telecom Bulgaria which, for its part, is the sole owner of the Bulgarian Telecommunication Company (brand name Vivacom). Viva Telecom (Luxembourg) S.A., financed by a consortium of international and Bulgarian investors, acquired 100 per cent of InterV for 330 million euro on August 30, 2016, the letter says.

InterV Investment also claims Viva Telecom (Luxembourg) S.A. has no grounds to challenge InterV's ownership and control under Luxembourg legislation.

In a letter to the Supreme Judicial Council, the Sofia City Court, the Sofia Appellate Court, the Prime Minister, the Justice Minister and the Economy Minister, InterV says that since last August it has made more than ten attempts to register various decisions about changes in the management of Viva Telecom Bulgaria. Although InterV owns and controls Viva Telecom Bulgaria, the Bulgarian courts and the Commercial Register have impeded its ability to exercise control over its subsidiaries, depriving InterV of its lawful ownership rights.

Those attempts have been blocked by Empreno Ventures Limited, registered in the British Virgin Islands and owned by Russian Dmitry Kosarev, according to the letter. In 2015 "Monitor" quoted Kosarev as claiming that he was "the actual beneficiary owner of Empreno Ventures Limited, which holds 100 per cent of the shares in LIC Telecommunications S.a.r.l. (LICT), which in turn owns a 43 per cent stake in BTC."

InterV argues that Empreno and LICT have never held directly shares in it and, therefore, have no standing to go to court about Vivacom shareholder matters. InterV recalls that an action brought by LICT at a court in Luxembourg has been dismissed, and a challenge by Empreno against Viva Telecom (Luxembourg) in the High Court of Justice in London, England, has also been set aside. According to InterV, the Bulgarian court, infringing a EU regulation, refuses to recognize judgments in cases rendered in two other EU Member States.

The letter is signed by InterV directors James Body, Christian Jean Emile Tailleur and Keimpe Wisse Reitsma.