FSC Charges Executive Director of SAF Magelan AD With Taking Advantage of Inside Company Information

The Financial Supervision Commission has found out evidence that Georgi Georgiev, SAF Magelan Executive Director has been tarding company shares on his own account, taking advantage of inside company information and namely information on the forthcoming sale and redemption of the Fish Wholesale Market and administrative buildings.

The Commission found out Mr.Georgiev has taken advantage of inside information which was not avaliable to the public at the moment of trade which is in violation with the country's legislation.

According toBulgarian legislation a person who has access to inside company information due to occupying a position in the Board of directors or the Supervisory board of a company, to their participation in the company's capital or number of votes in the general meeting of shareholders must not use this information in order to acquire, transfer or try to acquire or transfer any financial instruments of this company on his or other party's account.

On May 21 the Finanacial Supervision Commission charged Georgi Kostadinov with administrative
offence. Mr. Kostadinov on the other hand filed an appeal with the Commission.

According to Bulgarian legislation such offences are punished with a fine between 20,000 and 50,000 leva. The fine imposed to Georgi Kostadinov is in the amount of 20,000 leva which he may appeal with the District Court of Sofia.

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