site.btaTwo Members of Bulgarian Development Bank Supervisory Board Dismissed

Innovations and Growth Minister Alexander Pulev in his capacity as principal of the Bulgarian Development Bank dismissed Valentin Mihov and Vassil Shtonov of the bank's Supervisory Board, his Ministry said on Thursday.

On October 19, 2021, the Bank's Managing Board decided to place an unsecured bond issue worth EUR 500 million with a seven-year maturity period to refinance long-term obligations. 

On October 21, 2021, the Supervisory Board approved the decision. 

However, two ministers, Daniela Vezieva and Daniel Lorer, in their capacity as principals of the bank, did not authorize the issue,

The Managing Board hired banks and consultants, spending BGN 929,856, between January 2022 and November 2022, when the issue was suspended.

An authorization from the principal was a mandatory condition for international banks.