/ world today news/ It is absolutely inadmissible and unacceptable for the authorities to adopt legislation that allows the prosecutor’s office to spoil deals, including between private individuals. This takes us way back in time, to another country.
I would ask if we can point to an example of a democratic, civilized Euro-Atlantic country where there is such a deal-breaking order.
If two private companies have reached an agreement between themselves, they are satisfied with it and it is not in violation of the current legislation, who is the prosecutor to challenge it? If there is a licensing regime for activities or a permit – for a transaction, it should have been requested that permission be denied or consent given before it was concluded. But if there is no such regime, it is not provided for by law, from where to where will someone subsequently spoil a transaction between private individuals?
Such an approach on the part of the rulers introduces an uncertainty of the trade turnover, uncertainty of the investments, uncertainty of the property of the investors. And this can turn our country into a white spot on the investment map of the world.
They say that the legal changes were provoked by the drama surrounding Corporate Commercial Bank /KTB/. Such an intention does not seem serious. Better to make a law on the nationalization of companies bought by Tsvetan Vassilev than to change the law in this way. Because this act may turn against those who change it tomorrow. And when we make such custom laws, written on the knee, let’s accompany them with an impact assessment and ask ourselves the question – does this exist anywhere in the world?
Unions and employers more than 9 months ago we predicted what the consequences could be in one or another scenario around the bank. Then we, as social partners, proposed that KTB be nationalized through a supervisory capital increase, that the Deposit Guarantee Fund enter into it with funds, with the help of the BNB or the Ministry of Finance. Thus, the bank could be nationalized and preserved, come under state control and management. If they had listened to us, there would not have been this damage to the economy, nor would there have been this looting of assets that we are now trying to stop after the fact. I leave aside the ineffective supervision by the BNB. Instead of focusing our efforts on strengthening confidence in the regulator – because we are not sure that the case with KTB is unique and that this is a single case in the state – we are creating precedent legislation that will in any case “poke eyes instead of write eyebrows “.
On Friday at the Industrial Capital Association we have a meeting of the Board of Directors, where the topic of changing the legislation that allows the prosecution to spoil deals is one of the items on the agenda. Then we will come up with a position as an employer organization and make it public.
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Vasil Velev, Chairman of the Association of Industrial Capital in Bulgaria.
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