PM ordered dismissal of the Board of Directors of the Bulgarian Development Bank

Bulgaria’s Prime Minister Boyko Borissov on April 8 ordered the Board of Directors of the Bulgarian Development Bank to be dismissed, as well as its executive director, Stoyan Mavrodiev, the reason being a loan to the amount of BGN 75 million to a company with BGN 2,000 turnover.

The decision of the PM comes a day after media reports said the state bank made a loan to a debt collection company with very small revenue.

“I am appalled by what the Bulgarian Development Bank did. The Finance Minister, Vladislav Goranov, told me that he was not consulted on this loan, so I ordered the Economy Minister, who is the principal of the bank, to relieve the executive director and board of their duties,” Borissov said.