BULGARIAN PROSECUTION CHARGES TWO FORMER NEC DIRECTORS OVER BELENE DEAL RESULTING IN 77 MILLION EURO DAMAGES

Sofia city public prosecutor’s office pressed charges against the two former executive director of the state-owned Bulgarian National Electricity Company (NEC), Lyubomir Velkov and Mardik Papazyan for signing disadvantageous deals resulting in damages to the state to the amount of more than 77 million euro, the Prosecutor’s office said on 17th of October.

According to the prosecution, on 28th of November 2007, the two, in their capacity of chief executive officers of NEC, conscientiously signed a framework agreement for supply of equipment from Belene Atomic Power Plant, to the amount of 205 million euro, with the President of the Atomstroyexport, Moscow. The damages for NEC amounted to 77,172,475 euro.

The prosecution believes that as a result of signing of this agreement, the two defendants obliged NEC to take at its expense all the costs related to the implementation of the contract and by the amount of these costs to reduce the price paid by the buyer Atomstroyexport for the equipment provided from Belene NPP.

According to the agreement signed by Velkov and Papazyan, NEC bears all costs associated with research of the equipment and technical documentation by the buyer, with packaging of the equipment and technical documentation, marking of cargo units and preparing the sets of supporting documentation. NEC also took all the costs associated with loading of the equipment on vehicles and unloading of the equipment from vehicles of all carriers within the contract, transportation of the equipment and the technical documentation to the consignee located in the Russian Federation, with transport insurance of the equipment during transportation from the territory of the Republic of Bulgaria to the Russian Federation, conducting repair works on the territory of the Russian Federation. NEC aslo bears the costs incurred in customs clearance for placing the equipment in free circulation in the Russian Federation, as well as taxes, duties and charges which may be subject to the buyer in relation to the implementation of the agreement, the statement of the prosecutor's office says.

The exported equipment is to the amount of 164,785,000 euro but according to the agreement, this amount was reduced by 77,172,475 euro representing recognized and deducted undocumented expenses.

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