Offshore Company Allowed to Acquire Technomarket Bulgaria

The competition watchdog of Bulgaria has given the green light for a Dubai-registered offshore company to acquire consumer electronics retailer Technomarket.

TGI Middle East FZE is also the entity which several months ago bought a stake in Bulgarian tobacco holding Bulgartabac, purchasing shares from controversial MP Delyan Peevski and Italian businessman Edoardo Miroglio.

Peevski's company NSN Investment, which he co-owns with his mother Irena Krasteva, got a full hold of Technomarket earlier this year.

The consumer electronics retail chain has some 60 stores across the country.

Earlier this month, the Sofia City Prosecutor's Office indicted Nikolay Kitov, the son of Technomarket's former owner who bears the same name, over BGN 4.23 M in losses incurred by the company at the time he was its Senior Product Manager.

His father was wanted in Italy over alleged tax fraud.