“Kaufland Bulgaria” has been ordered to pay a fine of BGN 343,417 ($196,300) by the Supreme Administrative Court, which has upheld the decision of the Commission for Protection of Competition (CPC) that established unfair behavior by the retail chain. In 2020, the CPC found a violation of the Competition Protection Act, which was manifested in “Kaufland’s” abuse of a stronger negotiating position. The company had suspended the sale of a significant part of the range of goods by one of its suppliers in order to impose unfavorable commercial conditions. The supplier suffered negative financial consequences as a result of “Kaufland’s” behavior, which had put it in a weaker position during negotiations. “Kaufland” had demanded constant reductions in the supplier’s delivery prices for the range of goods offered (through various bonuses and discounts), as well as blocking a large part of the range. The system of bonuses and discounts was used by “Kaufland” to maximize its profits at the expense of the financial loss for the supplier. The reduction in delivery prices only secured the profits of “Kaufland” without leading to a decrease in the final sale price of the goods, which was not in the interest of consumers and harmed them, according to the CPC. Initially, the Sofia Administrative Court had overturned the CPC’s decision and stated that there was no violation of the Competition Protection Act by “Kaufland”. However, the Supreme Administrative Court’s three-member panel later overturned the Sofia Administrative Court’s decision and rejected “Kaufland’s” appeal against the CPC’s decision. In the final court ruling, the Supreme Administrative Court outlined its reasons for finding the challenged decision of the CPC to be lawful and issued in accordance with the applicable legal provisions and the purpose of the law.

Ref to Глоба от 343 417 лв. за „Кауфланд“ – Труд (trud.bg)

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Advocate Markov provided comprehensive legal support throughout the entire process of setting up the AIF, from drafting the necessary legal documents to obtaining the necessary regulatory approvals. This included advising on compliance with local legislation and EU regulations, and ensuring the fund’s legal and operational structure was aligned with its investment objectives.

Alternative Investment Funds are gaining popularity as a new asset class in Bulgaria, and the establishment of Bulgaria AIF – Fund JSC is expected to further fuel this growth. The Fund is strategically positioned to invest in a diverse array of assets, encompassing real estate, private equity, and debt instruments. This diversification offers investors a compelling alternative to traditional investment avenues, with all assets based within Bulgaria.

Management of the Bulgaria AIF – Fund JSC is entrusted to the Bulgaria Fund Management company, an entity fully accredited by the Financial Supervision Commission as a Manager of Alternative Investment Funds. This accreditation establishes the Bulgaria AIF – Fund JSC as an attractive option for foreign investors, especially those seeking to leverage the Bulgaria Golden Visa program. To be eligible for this program, investors must commit a minimum of 512,000 EUR in Funds that exclusively invest in Bulgarian-based assets and whose management operations are established within Bulgaria.

Establishing an AIF in Bulgaria

If you require support in setting up an Alternative Investment Fund (AIF) in Bulgaria to align with the Bulgarian Golden Visa program requirements, our proficient team is here to help. We will navigate you through every step of the process, encompassing the initial establishment, ongoing compliance and regulatory adherence, as well as managing the accounting and auditing of investor contributions to the Fund.

Management of AIF in Bulgaria

Our team is equipped to facilitate the approval of your entity as a Manager of Alternative Investment Funds (MAIF) by the Bulgarian Financial Supervision Commission. Additionally, we can provide assistance with an already registered MAIF, enabling you to commence operations promptly and efficiently.

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The rankings are based on a series of criteria, but simply put, they highlight the practice area teams who are providing the most cutting edge and innovative advice to corporate counsel. Their research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market.

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