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Bulgaria must return BGN 4 mln to CEZ

Article published from Sega daily on 2009-01-22 11:00:00
Category: Other in Bulgaria

The energy company, serving Western and Northern Bulgaria, managed to sue Bulgaria, which is to return a part of the funds paid during the privatization. The International Court of Arbitration in Paris decreed that CEZ is to receive partially its demand. Bulgaria will have to pay BGN 4 mln out of the demanded BGN 8.6 mln. CEZ took the matter to court in 2006 after allegations that after the privatization the company has ascertained hidden losses. CEZ paid a total of EUR 281.5 mln for the three companies bought.
Source of the article Sega daily
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