Bulgarian Businessman Bozhkov Reshuffles Management of Construction Empire

Famous businessman Vasil Bozhkov, for some years the richest person in Bulgaria. Photo by BGNES

Nove Holding, owned by famous Bulgarian businessman Vasil Bozhkov, is now taking up the management of the Holding Roads and Railroad Infrastructure companies, in which he also holds the majority stake.

The decision is reported to have been taken December 22 and was announced Sunday.

Holding Roads experienced troubles, shedding some spectacular 71% of its market value in October, right after road construction company Moststroy, also owned by Bozhkov declared bankruptcy.

The Moststroy bankrupcy provoked controversy in Bulgaria, with speculations rife that it was intentional. The court has denied Moststoy's filing for bankrupcy, which the company is appealing.

In April all three Bozhkov companies had faced another management reshuffle with Bozhkov himself leaving executive positions.

As of now, the CEO of both Holding Roads and Railroad Infractructure will be Nove Holding's CEO Miroslav Iliev.

Moststroy and Holding Roads are contractors for a significant part of the Bulgarian government's much-vaunted infrastructure building and rehab campaign.

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