Bulgarian President: The Olympic and Commercial Register Cases go Deeper than Suggested

Sofia. The cases of Olympic and the commercial register have a much deeper dimension than suggested, President Rumen Radev told reporters with regard to the bankrupt insurer and the disrupted access to Bulgaria's commercial register, Focus News Agency reports. In his words, it is not only about technology, negligence, incompetence and seeking compensation for those affected but also about a lack of transparency and accountability on the part of the administration. "It is about abdication from responsibility, hence a crisis of confidence and statehood," Radev said.

He pointed out that the commercial register breakdown comes at a time when the Bulgarian government makes commitments to EU partners for the preparation for the currency exchange rate mechanism, which implies strengthened supervision over insurers and pension funds, enhanced transparency and anti-corruption measures and measures for effective management of state-owned enterprises.

"We have the scandal about insurance, which shows that there is practically no supervision," Radev said. He further said that a non-transparent capital increase at State Consolidation Company undermines trust in Bulgarian institutions.