Rumen Spetsov, the special manager of Lukoil in Bulgaria
Members of the ruling “Progressive Bulgaria” (PB) coalition have introduced legislative amendments aimed at significantly reducing the powers of the special commercial manager overseeing Lukoil’s operations in Bulgaria, while restoring judicial oversight over his actions.
The proposed changes target the current legal framework introduced after US sanctions were imposed on Lukoil and other Russian companies over Russia’s war in Ukraine. Under the existing regime, the special manager was granted broad authority over the companies, including the ability to carry out asset sales without the possibility of court review.
If the new amendments are adopted, decisions and transactions made by the special manager, including those related to ownership changes, would once again become subject to judicial appeal.
The draft law would allow lawsuits to challenge transactions completed without the approval of the Council of Ministers. Claims seeking to declare such deals invalid could be filed by the economy minister, the government, prosecutors, shareholders, partners, and sole owners of company capital.
