DGKV advises Euroins on landmark Romanian investment dispute

The Bulgarian law firm Djingov, Gouginski, Kyutchukov and Velichkov together with the multinational law firm Pinsent Masons are advising one of the largest Bulgarian publicly traded companies, Eurohold, and its insurance business Euroins Insurance Group (EIG) on their EUR500 million investment dispute with the Government of Romania.

EIG is seeking to annul the scrapping of its licence by the Romanian financial regulator ASF in March 2024 following alleged violation of regulations and amid regulator steps to launch bankruptcy proceedings.

If the dispute fails to settle amicably, the case will see Eurohold and EIG challenge this move arguing that the revocation of the license was arbitrary, discriminatory, and constituted an unlawful expropriation in breach of international law.

The dispute signals a step change in European investment treaty law as the insurer prepares to challenge the European Union’s clamp down on investment agreements made between member states. 

The dispute engages a leading insurance group with solid market presence in Central and Southeastern Europe, in which investment holds one of the largest public holding companies in Bulgaria – Eurohold Bulgaria and the European Bank for Reconstruction and Development (EBRD).

It concerns a multiplicity of breaches on behalf of a Romanian regulator in respect of the Solvency II regime, the EU’s ‘Gold Standard’ Insurance and Reinsurance Regulation that should ensure a sound regulatory framework and consistent supervisory practices in the sector across the EU. 

Such arbitration would set a precedent for other EU businesses operating across the EU and could ultimately prompt a wave of disputes as they grapple with the impact of the EU’s clamp down on investment agreements between EU states. Should this dispute progress to arbitration, it will raise novel and cutting-edge issues of public international law such as the ability of investors to bring claims under a sunset clause of a terminated bilateral investment agreement between two EU countrie.

A team at Pinsent Masons and Bulgarian law firm DGKV is being led by Pinsent Masons co-head of International Arbitration, Sylvia Tonova and head of Dispute Resolution and Arbitration Angel Ganev at DGKV. 

Cooperation between companies in Bulgaria and the United Kingdom in the field of energy is not only possible but also necessary to support the green transition in Bulgarian energy sector. This year, we witnessed a significant British investment in the solar park sector, with the British fund – Actis Capital investing near the city of Silistra. What we can do to attract more investors is to make Bulgaria a more recognizable partner. This was commented on by Desislava Miteva, the Executive Director of the British Bulgarian Business Association, on the show “In Development” with host Roselina Petkova.

For the whole interview in Bulgarian click here.

The Chancellor must take bold steps to unlock the untapped potential of UK business if the economy is to weather continued global headwinds. 

BCC research shows less than a quarter of firms are investing, as fears over high inflation and interest rates, alongside concerns around trade barriers and skills shortages, continue to bite. 

The BCC Autumn Statement submission has 23 recommendations and includes five major policy calls that could put the economy on the best footing possible to absorb further shocks. They are: 

• Reforming the planning system to speed up infrastructure projects and give businesses much needed room to grow.
  
• Introducing a rolling five-year guarantee for the continuation of the full expensing tax break, to increase take up.
  
• Upgrading the energy grid to unlock new business development and investment.
• Extending business rates relief for hospitality and retail businesses, freezing the multiplier, and looking at reforming the system to better reflect firms’ ability to pay. 
• Introducing tax breaks to encourage firms to offer Occupational Health benefits that keep people in work. 

Shevaun Haviland, Director General of the BCC, said: “Businesses are holding onto their money as inflation remains stubbornly high and fears over further interest rate rises continue. 

 “With the ongoing war in Ukraine and the awful new developments in the Middle East there is real concern over oil prices and further turmoil in the wider financial markets. 

 “This is likely to further impact the Chancellor’s headroom to provide any fiscal stimulus. But we think there are some options open to him that could make a real difference without breaking the bank. 

 “Businesses have told us they have billions of pounds in private investment waiting to be pumped into the UK economy, but our creaking planning system and overloaded grid are holding that back. 

 “It’s vital we unlock this money and take steps to put British business in the best place possible to remain competitive in the global marketplace and weather any further shocks. 

 “Business confidence is in a much better place than it was a year ago. But the pandemic, the energy costs crisis and higher interest rates all mean firms are less resilient than they were. 

“If we invest more in our energy grid network then private funds will follow and there will be a multiplier effect that will ripple out across the UK’s supply chains.” 

The traditionally noble mission of Kempinski Hotel Grand Arena Bansko took place on 25 October. For an eleventh consecutive year, the hotel donated more than one tonne of fresh fruits to the BEAR SANCTUARY Belitsa. The donation of food is planned purposely in October, when bears prepare for hibernation and need more food and vitamins. Each time, the fruits are hidden in different places, so the bears can search and find them themselves, exactly as they normally do in a natural wild environment.

BEAR SANCTUARY Belitsa is a unique sanctuary in Bulgaria that provides special care to rescued brown bears. It was founded in 2000 as a cooperation project between the Foundation Brigitte Bardot and FOUR PAWS. Today the sanctuary is a home to 17 bears, ranging in age from 8 to 34 years old. Every bear has its territory with plenty of space to walk and climb. Most of them are former “dancing bears” that have been rescued from their previous owners, who used them to entertain tourists in various resorts in Bulgaria, as well as from the Balkan countries like Serbia, Croatia, Albania and North Macedonia. The others have been rescued from various forms of poor captivity, such as zoos, circuses and hotels. At the sanctuary the bears go through rehabilitation and recover from their former lives in captivity in an environment close to their natural habitat with lots of trees, wading pools and dens, as well as enrichments to keep them curious and active. More information about the BEAR SANCTUARY Belitsa can be found at: https://www.bearsanctuary-belitsa.org/.

On the occasion of the visit, General Manager Rene Detzen commented: “I am very proud that the team started “One Team – One Goal – One Tonne of Food” initiative in the past and is supporting it already eleven years in a row. It is really very sad that the bears were subjected to such torture, but fortunately they are now back in the wild and receiving proper care in a safe environment to live in. I would like to express my respect to all people taking care for the well-being of the bears and to assure that Kempinski Hotel Grand Arena Bansko will continue to support them in their noble mission.”

In a historic milestone for international collaboration, British Foreign Secretary James Cleverly hosted Bulgarian Deputy Prime Minister and Foreign Minister Mariya Gabriel in London to sign a Joint Declaration on a new UK-Bulgaria Strategic Partnership.

The official statement after signing highlights the new “Joint Declaration on the UK-Bulgaria Strategic Partnership,” reflecting a shared ambition to further enhance close cooperation, including an increase in academic mobility, R&D, and digital trade, as well as boosting links between businesses through the Bulgarian Expansion Bridge, which supports companies to set up in the UK.

BEX (Bulgarian Expansion Bridge), an initiative created with the support of both embassies, the Bulgarian Embassy in England and the British Embassy in Bulgaria, and multiple other organisations from the Bulgarian Ecosystem, including British Bulgarian Business Association (BBBA), symbolises an unwavering commitment to the removal of barriers for businesses seeking to expand their operations on an international scale. “Mentioning BEX in the official agreement for strategic cooperation between Bulgaria and England is a serious declaration of institutional support from both sides,” shares Krassimir Kiriakov, Head of Commercial and Economic Section, Embassy of Bulgaria in London.

Highlighting the importance of this important announcement, Genoveva Christova, a successful entrepreneur and Founding Board Member of BEX, expressed: “I am happy and proud that, through all the efforts with my colleagues, we have established BEX as a Hub supporting Bulgarian companies to establish and develop in the British market, and from there, to global markets! The work is just beginning, and the main goal is the rebranding of Bulgaria and positioning it as a strategic partner among investors in technological innovations on the Island.”

By fostering collaboration, BEX reinforces the commitment to making global business seamless and prosperous. The Joint Declaration on the UK-Bulgaria Strategic Partnership signifies a new era of collaboration, innovation, and economic growth. BEX is at the forefront of this transformative journey, breaking down barriers and opening doors for businesses to flourish in the U.K.

Among the most promising industries for breaking into the British market are the B2B technology sectors. Because of this, the pilot programme of BEX is focusing on B2B AI (Artificial Intelligence) enabled companies, which will run this November.

For more information, visit here.

Link to the official press release here.

Photo source: the Bulgaria Ministry Of Foreign Affairs

Commercial Department Intern

The British Government is an inclusive and diversity-friendly employer.  We value difference, promote equality and challenge discrimination, enhancing our organisational capability. We welcome and encourage applications from people of all backgrounds. We do not discriminate on the basis of disability, race, colour, ethnicity, gender identity, religion, sexual orientation, age, veteran status or other category protected by law. We promote family-friendly flexible working opportunities, where operational and security needs allow.

Job Category – Foreign, Commonwealth and Development Office (Policy & Political roles)

Job Subcategory – Commercial Diplomacy

Job Description (Roles and Responsibilities):

The British Embassy in Sofia is part of a worldwide network, representing British political, economic and consular interests overseas. The Defence Section is responsible for identifying opportunities to defend and protect UK interests, influence bilateral and allied relationships, promote UK prosperity and build international security capabilities within Bulgaria and Black Sea region.

The Commercial Section at the British Embassy in Sofia is looking to recruit an intern to support commercial officers in delivering services to UK companies in Bulgaria in accordance with the annual business plan. 

Roles and Responsibilities

• Respond to volume inquiries, managing the relevant mail correspondence and engagement with BG/UK counterparts as necessary (20%)
• Gather information and prepares written reports on key sectors of interest; monitors upcoming tender procedures and report writing (30%)
• Supports Department for Business and Trade team members in organising events including preparing invitations, following-up, building lists and other activities (30%)
• Work on ad-hoc work requests from across the team and deliver them in a timely manner (20%)

The successful candidate will have the chance to learn about the workings of a busy Commercial Section within Bulgaria and to help with delivering the embassy objectives. You will be required to work in close partnership with the team, to build and maintain relationships with key external and internal stakeholders, local authorities and FCDO colleagues across the region.  The candidate should be positive, proactive and a strong team player.

Core skills training will be provided at the Foreign and Commonwealth Office. All staff have a personal development plan and have access to world class learning and development opportunities.

The work pattern will be arranged flexibly, if possible as full-time internship position (36 working hours) or part-time, min. 20 working hours/ per week. 

Essential qualifications, skills and experience 

• Excellent command of spoken and written English and Bulgarian (C1 level);
• Availability to complete an internship of 36 hours a week, with flexible schedule from 9 -5pm, with flexibility for part-time arrangements with min 20 hour/week
• Enthusiastic, energetic and highly creative team player with a proven passion for public communications
• self-starter who is able to work professionally with MS Office tools 

Desirable qualifications, skills and experience 

• Good communication and organisational skills
• Basic administrative skills – Use of Windows Office and web search
• Experience in working in office environment

Required behaviours 

Changing and Improving, Delivering at Pace, Communicating and Influencing, Working Together

Application deadline – 5 November 2023

Grade – Internship

Type of Position – Full-time, Intern

Working hours per week – 36h/ week

Region – Europe, Eastern Europe & Central Asia

Country/Territory – Bulgaria

Location (City) – Sofia

Type of Post – British Embassy

Number of vacancies – 1

Salary Currency – BGN

Stipend / Allowance – BGN 880 + BGN 50 for transport allowance

Start Date – 1 December 2023

Other benefits and conditions of employment:

This a full-time/part-time and 9 month internship position of 36 hours per week (net of lunch breaks).The work pattern will be arranged flexibly, if possible as full-time internship position (36 working hours) or part-time, min. 20 working hours/ per week. 

The successful candidate will receive a monthly salary of BGN 880 + BGN 50 for transport allowance.

The job holder will be entitled to 25 days annual leave, calculated pro rata.

We offer free parking space in City Center, upon availability.

This position has limited possibility for working from home.

Core skills training and mandatory trainings will be provided by the Foreign, Commonwealth and Development Office. All staff have a personal development plan and access to world class learning and development opportunities.

The successful candidate will be subject to confirmation of a background and security clearance. Anyone with right of residence and employment in Bulgaria may apply, including all EU/EEA citizens and the family members of EU/EEA nationals exercising a treaty right in Bulgaria.

Staff recruited locally by the British Embassy are subject to terms and conditions service according to Bulgarian employment law.

Visa/work permit requirements: Candidates must currently hold the independent right to live and work in Bulgaria and be prepared to ensure that right remains throughout the scope of the contract.

Please note that it is your responsibility to ensure you meet the legal requirements to live and work in this country.

Additional information 

Please note that the deadline for applications is 23:55 on the day mentioned in the above field “Application deadline”.

We advise you to allow enough time to complete and submit your full application, since only applications completed and submitted before the deadline will be considered.

Please be aware that the deadline for submitting applications is considered to be the time zone for the country where the vacancy has arisen.

Please be advised that the FCDO will not be able to meet the travel costs incurred when travelling to the interview, nor the costs connected with relocation if offered a job.

*Please note for more information on the Common European Framework of Reference for Languages: Learning, Teaching, Assessment  levels  please click on the following link CEFR. Please bear in mind in case you are invited for an interview your language skill is going to be assessed.

The largest electric vehicle charging infrastructure operator in Bulgaria – Eldrive, and Videolux Holding, the company owner of the retail parks HOLIDAY PARK and the hypermarkets Praktiker and Technopolis, are launching a partnership to develop public electric vehicle charging infrastructure at retail sites operated by the holding. The partnership will focus on the installation of fast-charging stations and the development of superfast charging hubs. The first two charging stations are installed and operational at Holiday Park sites in Pernik and Haskovo, and soon they will be followed by other Videolux sites.

The superfast charging hubs allow the simultaneous charging of multiple vehicles at one location. Eldrive Bulgaria’s network already has several charging hubs with between 8 and 20 charging points. The partnership between the two companies will allow EV owners to charge their cars, while enjoying the multiple comfortable utilities at the locations of HOLIDAY PARK, Technopolis and Praktiker and choosing from lots of additional services and goods. 

“We are happy that we have Videolux for a partner.” Commented Dimo Kolchev, CEO of Eldrive for Bulgaria. “For the further development of our network we need a partner, which we can trust and who can offer attractive locations with wide range of services with big added value to our users.”

“As leaders in our sectors, our cooperation with Eldrive is very important, so that we can offer our customers in HOLIDAY PARK, Technopolis and Praktiker a complex and increasingly searched service.” Shared Ivan Gramatikov, Manager “Aset management” in Videolux holding.

We were delighted to announce the winners of the City Lovers competition at an official reception at the British Residence together with Capital and Deputy Minister of Regional Development Ms Angelina Boneva. We would like to thank Bullmarket DM, Sustainable Cities Fund, FLAG Fund and SoftUni for joining the competition as partners.

The winning projects for 2023 are:

First place: ‘Outdoor School’ by Safe Playgrounds Association – a project to transform an out-of-town location into an outdoor classroom.

Second place: “100 Chairs” by The Collective Foundation – a project to activate an urban space outside Sofia; and “Bus Stop” by GIART – a project to transform a bus stop in the city of Sofia. A project for a bus stop in Lyaskovets with three-dimensional street art.

Third place: “Green waste for green energy” from the University of Mining and Geology – a project for an innovative composter that turns green waste into green energy through rainwater.

And an incentive award went to the Morphius project- an innovative prototype for a biometric, multifunctional and adaptable building envelope that purifies the air and acts as insulation at the same time.

We congratulate these remarkable projects and are confident that they will have a positive impact on the urban environment in Bulgaria! 

On October 19, BBBA held its Annual General Meeting in Novotel Hotel Sofia.

The guests were warmly welcomed by H.E. Rob Dixon, British Ambassador to Bulgaria. The event was opened by BBBA Chair Mr. Gilbert McCaul, who highlighted the main development of BBBA for the past 12 months and expressed his gratitude to the members for their engagement with BBBA’s activities.

The General Meeting proceeded with a presentation of the Bulgarian Expansion Bridge (BEX) by Genoveva Christova- Murray and Dilyana Haralanova. Afterwards, Desislava Miteva, BBBA Executive Director, presented our results from the past year, and our plans for BBBA strategic development, followed by a vote for the presented financial results and 2024 budget. All proposed changes were accepted by BBBA Members, namely number of allowed mandates of Board members from 2 to 3, and increase of the number of Board members from 7 to 9. 

The most expected part of the evening was the elections of seven board members, who had the opportunity to present their ideas on how they would contribute to BBBA.

As a result of the votes of all present BBBA members, we would like to welcome to the BBBA Board of Directors Miroslava Kostadinova, Cook Communications and Evlogi Georgiev, IT Consulting Integration who were re-elected for second term serving the BBBA Board. We are also delighted to welcome Barry Brand, Dare to Care More, Georgi Tonchev, Elando, Hristina Trifonova, Vivacom, Kamelia Slaveykova, Shell, and Paul Wright, Optim Project Management. 

Congratulations to them! We wish them a productive mandate and we are looking forward to working closely with them.

We would like to express our deepest gratitude to Gilbert McCaul for his service on the Board as our Chair over the last two years and his dedication to BBBA and its members. Special thanks to Genoveva Christova- Murray, Ligna Group and Bojidar Neytchev, PwC for their contribution to BBBA over their mandates as Board Members. We trust they will continue to actively participate in BBBA activities going forward. 

Finally, we would like to thank all members for participating in the Annual General Meeting. We invite you to look through the photos from the event on our official Facebook page. Make sure you like and follow our social media channel so you stay posted with the latest BBBA news.

Celebrate the season of joy and togetherness at our enchanting venue, adorned with festive cheer and brimming with holiday spirit.
Create lasting memories this Christmas at our venue, where the spirit of the holidays comes alive. Book your Christmas event till 15.11.2023 and let us make your holiday celebrations truly unforgettable.

You have questions or need to chat? Our event team is here for you. Call us at +359 878 379 364 or email us at events@kitchen59.bg.
Keep in touch!