EU Set to Fine Bulgaria over Poor Trade Register Software

Currently European companies can not register online in Bulgaria's trade register if they want to do so. File photo

Brussels is likely to impose a EUR 800 000 fine on Bulgaria for a delay in introducing new software at its trade registry agency to the benefit of European companies.

"The new software would have allowed the online registration of European companies in the agency data base," Deputy Justice Minister Denitsa Valkova explained.

"Currently European companies can not register online in Bulgaria's trade register if they want to do so. The public procurement tender for the software was launched in March 2010 only to get suspended three months later due to shortage of funding," she added.

The news comes just days after Violeta Nikolova, Executive Director of Bulgaria's Registry Agency, was kicked out of office.

The move was triggered by the poor results of an audit of the institution which was concluded at the end of last week and yet another scandal with hefty bonus payment awarded to officials of the Registry Agency.

At the beginning of February it emerged that Nikolova had received BGN 72 000 in additional financial incentives, BGN 24 000 of which had been ordered by former Justice Minister Margarita Popova.

The news triggered an inspection by internal auditors and by the Inspectorate to the Ministry of Justice.

According to reports of the local BGNES news agency, Nikolova treated herself to a bonus of BGN 7000 in September and another one of BGN 4000 in October 2011.

Nikolova refused to disclose information about the bonus payments on the grounds that it was "personal data".

Bulgaria's Registry Agency services the Trade Register.

The website of the institution was "unavailable" for quite some time in 2011. The system was not functional for some 10 days in late May and early June 2011.

After that, the Registry Agency's website was plagued by poor maintenance for another month. This coincided with the deadline for filing annual financial reports.

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