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Serbia cancels Trayal sell-off deal with Bulgaria's Brikel

Dec 10, 2013, 1:57:31 PMArticle by Djordje Daskalovic
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December 10 (SeeNews) - Serbia's Privatization Agency said it has terminated the privatization deal with Bulgaria's Brikel for Krusevac-based maker of rubber and chemical products Trayal Corp, citing breaches of the sell-off contract.

Serbia cancels Trayal sell-off deal with Bulgaria's Brikel

Brikel failed to fulfill obligations related to the social program at Trayal and disposed with assets of the privatized company and with proceeds from the sale of its tire unit in breach of the sell-off agreement, the Privatization Agency said in a statement on Monday.

Trayal was sold to Brikel in late 2006 with the Bulgarian company undertaking to invest 25 million euro ($34.4 million) by December 22, 2011.

On Friday, Belgrade-based news agency Tanjug said that Brikel, besides Trayal, had bought another 12 enterprises in Serbia and that the privatization contracts for all of them have been terminated.

($=0.7271 euro)

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