Is the state accused of siphoning off the arms company “Kintex”?

Is the state owed millions? Six reports from Kintex officials allege that the arms company paid a Dubai firm without it performing contracted consulting services on foreign transactions.

An investigation by Marin Nikolov showed that part of the money went to a Bulgarian company. After the report, the Acting Minister of Economy ordered an investigation. The documents on the case will be handed over to the prosecutor’s office.

bTV received from its sources this letter dated June 2019. The sender is Samuel Apadu, manager of Dubai’s Legacy Management Mena Limited. Here, he asks “Kintex” to transfer the sum of 56,000 euros to the account of the Bulgarian company “Weld Commerce”.

bTV has information on five more such transfers to “Weld Commerce” with a total value of more than 3 million euros. We find the bosses of the Bulgarian company, who confirm about a series of translations. They are said to have had ideas for joint business with the Dubai company, called Mena for short, and as a sign of partnership they entered into a financial services contract, giving them their bank account.

“We simply received the funds from Kintex, and Mena told us where to transfer them – to their counterparties, most often. I have no idea what the relationship between “Mena” and “Kintex” is,” said the manager of the company, Todor Chalburov.

In his online ads, the nominal owner of the Dubai company, Samuel Apadu, presents himself as a wedding photographer from the island of Mauritius. In others – as a director of commercial companies in different countries. We see it offering offshore company registration as well.

When asked by bTV via e-mail, the Dubai-based firm replied: “All payments to Legacy Management are made only after the successful delivery and execution of each project and only after our client, in this case Kintex, receives full payment from the end user. . The companies you ask about, among others, have received funds on our behalf at times when our bank service provider did not accept payments in USD from Kintex due to industry specifics or bank policy.”

The Dubai company gives a different answer than the Bulgarian one where the money goes. He claims that they were coming back to their account in Dubai. Following an inquiry by bTV, the new management of “Kintex”, which came in a few days ago, wrote: In “Kintex” EAD, six written reports of heads of structural units in the company are available, which are attached to the minutes of the meeting of the Board of Directors… The analysis of these reports shows , that the foreign company from the UAE provided almost no services for the benefit of “Kintex” EAD, i.e. failed to fulfill its contractual obligations.’

Despite these reports, the previous directors of “Kintex” voted another payment to the Dubai company in August of BGN 800,000. They refuse to comment on the case.

The article is in bulgaria


Tags: state accused siphoning arms company Kintex