November 22 (SeeNews) - London-based asset manager Gemcorp will submit with the Bulgarian energy ministry a letter to formally confirm the cancellation of a memorandum of understanding (MoU) for investments of around 1 billion dollars (975 million euro) in energy projects in the country, the company's CEO Atanas Bostandjiev told local media, dismissing political claims that the memorandum is still in force.
The memorandum was terminated on July 23 and Gemcorp has no claims against Bulgaria, Bostandjiev told private broadcaster bTV on Monday.
Approached by SeeNews, a company press officer declined comment.
The memorandum, signed in March by the government led by We Continue The Change (WCC), related to collaboration on planning and developing clean energy projects, alternative and strategic gas supplies, energy security and nuclear power.
Shortly before it stepped down in June, the government decided to terminate the memorandum over concerns that Gemcorp is backed by Russian capital.
Bostandjiev said on Monday that the company was supported by Russian investors until 2019, when they exited the company.
($ = 0.9771 euro)