Zeevi to Pay Penalty over Balkan Airlines*

From Novinite.com (Sofia News Agency)

May 15, 2001

Zeevi Holdings, the owner of a 75% stake in Balkan Airlines, must pay USD 5 643 664 in damages, the Privatization Agency announced.

The penalty was imposed for default on investment commitments for a year and a half, from the date of the agreement, June 30, 1999, to end-2000.

The agreement sets damages at 30% of the investment pledged. The Agency's Post-Privatization Control Directorate found that the report for 2000 did not answer the requirements of the agreement.

No documents have been attached to it to prove the buyer's outlays and investments..

*As Novinite.com (Sofia News Agency) became 10 years old on Friday, March 11, 2011, we are reprinting selected articles from our archives that we published on the respective day exactly 10 years ago.

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