Bulgarian Holding Company Accused of Cartel Activity and Corruption

Allegations of Cartel Activity and Corruption Rock Bulgarian Holding Company June 4, 2025 – A former employee of Hristo Kovacki's holding company, Veselin Todorov, has made serious allegations of cartel activity and irregular practices within the company. In a recent interview on Bulgarian television, Todorov presented evidence suggesting inflated prices for heat energy in several Bulgarian cities, linking the company to offshore accounts. "They are selling expensive natural gas at the entrance and cheap electricity at the exit," Todorov stated, "all profits go to his buffer companies, which are connected with Cypriot offshore companies, British offshore companies, Seychelles, Bahamas, and so on." He also alleges that he faced harassment and threats after refusing to sign documents for 650,000 leva. Todorov's testimony, accompanied by documents shown during the interview, paints a picture of a complex system designed to evade regulations and inflate profits at the expense of Bulgarian consumers. The allegations are serious and warrant further investigation by the relevant authorities. The impact on consumers, who are paying significantly more for heat than is considered fair, is also a significant concern. The investigation into these claims is ongoing.