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Sat, May 26 2012
No evidence of bank cartel in Bulgaria, watchdog says
Photo: Мария Съботинова
Nearly a year after launching its investigation into whether Bulgarian lenders agreed to fix interest rates, the country's Commission on Protection of Competition (CPC) said that it found no evidence of a bank cartel.
On June 7, CPC said that "there is no definite proof that the actions and decisions of the [Association of Banks in Bulgaria] fell into the area of activities banned under the Competition Protection Act."
In July 2009, the regulator raided ABB offices after receiving a warrant from the Sofia Administrative Court. Papers and documents stored electronically were seized during the search.
"The analysis of ABB activity shows that despite holding meetings that could have led to the restriction of independence of individual entities in making decisions on pricing policy, there was no indisputable proof of influence of the autonomous business activity of ABB members," the watchdog said in a statement.
After years of competition between Bulgarian banks to offer lower interest rates during a lending boom, the credit crunch put an end to cheap foreign refinancing and resulted in higher interest rates on new and existing loans, prompting an outcry from bank customers.
On June 7, CPC said that "there is no definite proof that the actions and decisions of the [Association of Banks in Bulgaria] fell into the area of activities banned under the Competition Protection Act."
In July 2009, the regulator raided ABB offices after receiving a warrant from the Sofia Administrative Court. Papers and documents stored electronically were seized during the search.
"The analysis of ABB activity shows that despite holding meetings that could have led to the restriction of independence of individual entities in making decisions on pricing policy, there was no indisputable proof of influence of the autonomous business activity of ABB members," the watchdog said in a statement.
After years of competition between Bulgarian banks to offer lower interest rates during a lending boom, the credit crunch put an end to cheap foreign refinancing and resulted in higher interest rates on new and existing loans, prompting an outcry from bank customers.
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EU raids top truck manufacturers in 'cartel' probe
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Cartel suspicions
Competition watchdog launches investigation into interest rates cartel as bankers scramble to deny wrongdoing
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Appointments
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Hewlett-Packard
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
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that because the CPC are part of the same bl**dy cartel, the banks and their policies are killing this country, wake up think of the people not your selves
Bank Cartels, Mobile Phone Cartels, Concrete Cartels. All being investigated by people who have a financial interest in the industries, or have friends/relatives in the industry.