Ivan Ivanov: BEH Board of Directors Should be Fully Overhauled

Ivan Ivanov, energy expert, has suggested that the Board of Directors of the Bulgarian Energy Holding (BEH) must be replaced.

In a Wednesday interview for public broadcaster BNR, he insisted that the new managerial panel of BEH should immediately dismiss on disciplinary grounds its two representatives at the South Stream Bulgaria project company.

Ivanov was adamant their successors had to be capable of stating their position clearly to Russia and blocking decision-making on the matter until the entire procedure and the agreements signed on the South Stream gas pipeline project are rendered compatible with EU law.

"What is more, on the very same day, South Stream Bulgaria was expressly warned not to take any steps towards a capital increase. Despite that, it did that on the following day. I believe that it is not only BEH's interest which is not protected but also Bulgaria's interest in general, as the step will certainly be immediately reported to Brussels and the danger of Bulgaria suffering very serious financial sanctions by the European Commission over the non-implementation of EC's order to suspend activities on South Stream will have very serious consequences and it is very likely that we will get punished," he stated.

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