site.btaState Consolidation Company Unveils New Ins and Outs in Own Management, Subsidiaries

Bulgaria's State Consolidation Company (SCC) on Thursday announced a new set of personnel changes in its own management and in the managements of its military industrial subsidiaries, described in a press release as "urgent measures for rescuing the companies".

On Thursday, lawyer Ventsislav Dimitrov was elected SCC Executive Director. His predecessor Smilyana Nitova remains a member of the Board of Directors. As from this week, the SCC Board of Directors has three new members, and the four members appointed by former economy and industry minister Korneliya Ninova (who hold the majority on the board) keep their positions as a sign of continuity.

Four more members of the Board of Directors of VMZ EAD have been filed for recording: Ivailo Kanev, Nikolay Nikolov, Toma Tsilev and Ivan Angelov. The move was explained as "rectifying a breach of the law", which requires a minimum five-member Board of Directors of the Sopot-based ordnance factory but there were just three so far. Ivan Stoenchev, who was dismissed in June, has been reappointed to the VMZ management.

The decision is intended to reassure the trade unions who resent what they see decreasing productivity and a lag in the performance of VMZ's contracts.

Delyan Nachev will stay on as Executive Director of another company of the military industrial complex, NITI of Kazanlak, and the procedure for his dismissal, started by Ninova on her last day in office, will not be pursued, according to the press release. 

Now that armament and ammunition supplier Kintex EAD has become the subject of investigation, the SCC Board of Directors decided to keep Plamen Peshev on the company's management and to propose Boris Yanchev, Milen Nikolov, Stanislava Georgieva and Nikolay Stanchev as new members.

An analysis of the state of the other SCC subsidiaries is in progress. Taking measures to rescue the military industrial complex enterprises is prioritized as they employ thousands of people and are strategic for the Bulgarian economy, the press release said.