President Rumen Radev vetoed the amendements to the Privatisation Act

The objections of Radev are against § 3 and § 4, which may lead to a review of already signed privatisation contracts that has negative impact on the state and the society.

§ 3 restricts the term of specific obligations of buyers under privatisation contracts to 5 years. The reasons for the veto say that the specific time period of the obligations under each privatization contract should be determined by the subject of the privatisation and the activity carried out rather than subjecting to formal legal constraints, which creates an advantage for the buyers at the expense of the public interest.

According to § 4, this new rule, as well as the rescheduling of obligations, could also be applied to already signed privatisation contracts, not only to new ones. The new regulation will also be beneficial for buyers who have not fulfilled their obligations, but have paid the indemnities for them. Furthermore, the payment of these indemnities is only required for the first 5 years of the contract. This will also benefit non-conforming buyers who failed to pay indemnities for periods beyond these 5 years.

In his reasoning.for the veto the President also says that the adopted law will have the effect of exempting the buyers from specific obligations. It will also become impossible to look for indemnities for peridos longer than 5 years. There is no assessment of how the new provisions will affect the amount of indemnities that have to go to the state pension system and municipal budgets.

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