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Sofia City Court declared the transfer of the Plovdiv Fair shares to Puldin Turinvest AD null and void, but rejected the state’s claim against Varna Municipality for the rights to them

Sofia City Court declared the transfer of the Plovdiv Fair shares to Puldin Turinvest AD null and void, but rejected the state’s claim against Varna Municipality for the rights to them

By its decision, the Sofia City Court dismissed the claim brought by the Minister of Economy and Industry with legal grounds under Article 71 of the Commercial Companies Code for establishing that the State has the status of a shareholder as the holder of the rights to 16 314 400 registered dematerialised shares representing 29% of the capital of the commercial company International Fair Plovdiv AD.

By the same decision, the Sofia City Court declared null and void the transfer of these shares from the Municipality of Varna to the private company Puldin Turinvest AD due to its contradiction with the provisions of the Privatisation and Post-Privatisation Control Act. The decision is the result of a lawsuit filed by the Ministry of Economy and Industry.

According to the same decision, Varna Municipality was ordered to pay BGN 754 593,47 to the State, represented by the Minister of Economy and Industry. The amount is for the costs of the state fee and the lawyer’s fees for the legal representation in the proceedings before the present instance.

The Ministry of Economy and Industry will continue to defend the public interest and the State’s property on the rejection part of the above decision. The development of the Plovdiv Fair remains a key priority for the State.

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