EC urges Bulgaria to comply with EU rules on free movement of capital.

By bne IntelliNews March 22, 2013
The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces special rights for the Bulgarian State which could restrict the free movement of capital. Such are the rights allowing Bulgaria to impose mortgages and other security measures when one of the shareholders breaches its obligations under a privatisation contract. These special rights might deter already existing EU investment in Bulgaria and dissuade others from investing in the future, the EC warns. If the Bulgarian authorities do not reply satisfactorily within two months, the EC may refer the matter to the EU Court of Justice.

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