Bulgarian Kornikom Plans To Invest 2 mln Euro in Serbian Coal Mine Kovin

Kornikom is planning to invest about 2 mln euro in the Serbian coal mine Koven during the very first year after it purchased it, BTA reports.

Kornikom bought Kovin at an auction April 18 after offering 16.4 mln euro, BTA reminds.

Kornikom’s Asen Goranov, who is to be appointed executive director for Kovin said the company decided that investments need to be made within a year after it performed an inspection of the current state of the mine on site. The investment was previously scheduled to be made within the first two years.

Kornikom is also planning to create more jobs in Kovin. According to Mr. Goranov jobs available will be increased by 20%.

Desislava Filipova, a spokesperson for the company pointed out that the company’s capital is entirely Bulgarian and is owned by Chavdar Peychev. She denied rumors spread by Serbian media that part of the capital is owned by businessmen from Serbia or of Serbian origin.

The Serbian Danas newspaper reminded that Serbian media discussed Bulgarian businessman Hristo Kovacki’s involvement with the company and that rumors link him to Sreten Yochich, a Serb charged with murder by authorities in the country.

Ms Filipova said that Kornikom uses Mr. Kovacki’s services as a consultant since he is very familiar with Bulgarian market and acquisition of companies.

She also denied information published by Serbian media that Kornikom bought the Trayal factory in the city of Krushevats and Vulkan in the city of Nish. She pointed out these businesses have been acquired by the companies Brikel and Media World. Although Hristo Kovacki is a consultant in these two companies as well, Ms Filipova made it clear that they are in no way connected to Kornikom.

Last year Bulgarian companies invested a total of 56 mln dollars in Serbia ranking the country 10th on the list of investors in Serbia, Danas also reported.

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