Kaolin Ad

On May 28, 2007 the Supreme Administrative Court of the Republic of Bulgaria – Five-member Panel, І College rendered a final Judgment No. 5201/2007 with regard to Administrative Proceedings No. 1604/2007, under which Judgment No. 13271/2006 of the Supreme Administrative Court - Fourth Division remained in force. Under Judgment No. 13271/2006 the Supreme Administrative Court completely overruled Decision No. 3083-P dated August 11, 2006 of the Privatization Agency’s Executive Director, by which the refund of a deposit to the amount of BGN 2,000,000 /two million Bulgarian lev/ deposited by Kaolin AD with regard to its participation in the privatization procedure for sale of 70% of the share capital of Bulgarian River Shipping JSCo. was denied, where the file was remitted in order the Privatization Agency’s Executive Director to make a new pronouncement, containing obligatory directions with reference to refunding the deposit due to lack of guilty conduct on the part of Kaolin AD.

Since the Judgment given is not subject to appeal, by the end of the month of May 2007 Kaolin AD shall undertake the necessary administrative procedures in order to recover the aforesaid deposit.