Municipal Councilors Delay Start Of Banya Golf Resort Project

Karlovo mayor Naiden Naidenov and a number of municipal councillors are trying to delay businessman Hristo Kovachki’s project for the development of the town of Banya as a tourist destination, by insisting on his clarifying the origin and the volume of the investment, Dnevnik daily reported on March 24.

The municipality and Banya Golf&Spa Resort company, controlled by Kovachki, set up the joint stock company Sporten Complex, with Karlovo town hall contributing 12ha of municipal land and the private enterprise pouring 15 million leva in the firm’s capital and committing to invest another 60 million euro in the construction of a multipurpose sports, golf and villa compound in Banya.

In compliance with anti-money laundering regulations, the municipality is obliged to inform the Financial Intelligence Bureau of the amount of the cash capital, municipal councillor Toshko Stoev said. Karlovo mayor said he was considering to return the decision for green-lighting the project for a further review by the councillors.

At the same time, another group of municipal councillors has prepared a petition, insisting on fast-tracking the start of the project, alluding to the fact that by protracting the start of the incentive, the already allocated plots of land and the funds, contributed to the capital of the joint venture, remain frozen and cannot be put into any other economic activity, which, in business world translates into a considerable amount of missed benefits and opportunities.

Some of the establishments, located on the plots allotted for the future resort, have already been closed under the pretence of the start of the refurbishing works, local residents said, as quoted by Dnevnik.sofiaecho.com