site.btaLB Bulgaricum EAD Gets New Executive Director

By a decision of the State Consolidation Company EAD’s Board of Directors, the number of members of the LB Bulgaricum EAD’s Board of Directors has been reduced from five to three. Its composition has also been renewed. It includes Hristo Ilarinov Mikhailovsky as an independent member and Ivaylo Tsvetanov Lilov and Anna Lyudmilova Radovska as state representatives, the State Consolidation Company (SCC) said on Friday.

At a meeting, the new composition of LB Bulgaricum EAD’s Board of Directors elected Ivaylo Tsvetanov Lilov Executive Director of the company. Lilov was a member of the SCC's Board of Directors.

The decision of the sole owner of LB Bulgaricum EAD’s capital was taken after a comprehensive analysis of the efficiency of the company's management. The SCC Board of Directors requested data on LB Bulgaricum’s performance between January 1 and August 31, 2023. Following a careful examination of the data, SCC’s management identified facts and circumstances which gives reasonable grounds to suspect that the company has acted in bad faith and lacks adequate management control.

During the period stated, there have been reports of irregularities in the company’s management, which have been investigated by the competent authorities.

At the end of August, Economy and Industry Minister Bogdan Bogdanov instructed the SCC's new Board of Directors to carry out a comprehensive analysis of the companies under the SCC and come up with proposals for restructuring their activities, updating them, and creating new business programmes with clear objectives and control mechanisms in order to maximize efficiency and tap into the potential that these companies have.