Supreme Administrative Court Rejects Andrei Gyurov’s Request
The Supreme Administrative Court has dismissed as unfounded the request of Andrei Gyurov to stop the preliminary execution of Decision No. 340 of July 16, 2024, by the Governing Council of the Bulgarian National Bank, which removed him from office, the court announced. The decision is subject to appeal with a private appeal to a five-member panel of the Supreme Administrative Court within a 7-day period from its notification to the parties, with the case numbered 7373 of 2024 set to be heard on August 2nd, Friday at 11:00 am.
The Governing Council of the Bulgarian National Bank (BNB) took the decision to… (continue with the rest of the text)
The Legal Implications of Andrei Gyurov’s Incompatibility
Following the decision of the Commission for Combating Corruption (CCC) regarding the incompatibility of Andrei Gyurov in his role as deputy director, heading the “Emission” department, and member of the BNB Management Board, there have been significant legal implications.
Andrei Gyurov did not participate in the vote. The BNB Management Board has determined that “the established incompatibility with the position of deputy director for Andrei Gyurov must go through the legal mechanisms of judicial control and parliamentary review,” it became clear after the meeting of the Central Bank Council.
Until a final decision is reached through the legal process, Andrei Gyurov’s status remains uncertain, and the situation continues to unfold.
The Dismissal of Gyurov from the Bulgarian National Bank
Following an administrative act of the Governing Council in accordance with the Law on the Bulgarian National Bank to establish the grounds for the early release of Gyurov, he will cease to exercise his powers as deputy governor and member of the Governing Council of the Bulgarian National Bank until the issue is finally resolved.
If Gyurov appeals today’s decision of the Governing Council, the Supreme Administrative Court should rule within a two-week period. If a court decision is issued that overturns the decision of the Bulgarian National Bank, Gyurov will be reinstated.
Central Bank’s Independence Upheld by Court Decision
A recent court decision confirmed the validity of the central bank’s mandate. If the court upholds the ruling, it will be submitted to the National Assembly for a final decision, as stated in a press release by the Bank’s press center. The law stipulates a short deadline for the court to pronounce its decision, in order to ensure the integrity and independence of the central bank and prevent a situation where its governing body operates with an incomplete composition for an extended period of time. The court may also decide to refer the case to the European Court if necessary.
Decision of the Bulgarian National Bank on the Early Release of Andrey Atanasov Gyuov
The Bulgarian National Bank has recently issued a decision regarding the early release of Andrey Atanasov Gyuov, who was found guilty of committing a serious violation according to the provisions of the BNB Law. The decision establishes the grounds for his release based on Article 14, paragraph 1, first sentence (“does not meet the requirements necessary to fulfill his duties”) and Article 14, paragraph 1, second sentence (“recognized as guilty of committing a serious violation”).
Conflict of Interest in Public Office
The decision No. РН-КПК-КИ-16-23-18 from 24.06.2024 and the incompatibility established in accordance with Article 13, paragraph 1, item 8 of the Law on Public Service of the Republic of Bulgaria, regarding the position of deputy director, head of the Emission Department of the Bulgarian National Bank, and a person holding a public office under Article 6, paragraph 1, item 12 of the Law on Public Service, in connection with his participation as a partner in “Yontech Engineering” Ltd., as well as in connection with his activities as a member of the management body of non-profit legal entities – the association “Balkan Panica Institute for Scientific Research” and the association “Blagoevgrad Golf Club”.
Decision of the Bulgarian National Bank
By decision of the Management Board of the Bulgarian National Bank, Andrei Atanasov Gyurov has been suspended from performing the duties of Deputy Governor, Head of the Emission Department, and member of the Management Board of the Bulgarian National Bank. This decision can be appealed before the Supreme Administrative Court within a 7-day period. After the decision comes into force, on what basis will it be implemented?
Decision to Send Mr. Gyurov’s Case for Early Release
Article 14, paragraph 2 of the National Bank of Bulgaria’s rules is to be sent to the National Assembly for early release. The message on the case, published on the BNBB’s website, states that: “Following the discussion, the Supervisory Board of the National Bank of Bulgaria made its decision based on the relevant legal and factual grounds outlined in it, but also concluded that the different aspects and legal interpretations of the established incompatibility of Mr. Gyurov must go through the mechanisms provided for in the law for judicial review and parliamentary review, with the aim of…”
The Judicial Control of the National Bank of Bulgaria
When it comes to the final resolution of a case, the judicial control of the National Bank of Bulgaria plays a crucial role. According to the law, the Supreme Administrative Court is responsible for reviewing decisions made by the Supervisory Board of the National Bank of Bulgaria concerning the premature release of a member of the Board. This ensures that any decisions made by the Bank are subject to judicial oversight.
In addition, parliamentary oversight is also an important aspect of the process. The National Assembly of the Republic of Bulgaria is the only competent body that can authorize the premature release of a member of the Board. This ensures that there is accountability and transparency in the decision-making process of the National Bank of Bulgaria.
Legal Procedures for Appeals in the Financial Sector
When considering the decision of the Bulgarian National Bank Supervisory Board or in cases where it is being appealed, the final decision lies with the court. The court and the Supreme Court are reached after an administrative act by the Supervisory Board of the Bulgarian National Bank in accordance with Article 14, paragraph 2 of the Law on the Bulgarian National Bank, to establish the basis for the early release of Mr. Gyurov, whose powers as deputy governor and member of the Supervisory Board of the Bulgarian National Bank cease to be executed by law until the matter is finally resolved. In the event that Mr. Gyurov appeals today’s decision of the Supervisory Board of the Bulgarian National Bank, the Supreme Administrative Court should be involved in the process.
Dispute over the Decision of the Bulgarian National Bank
The Bulgarian National Bank is currently in a legal battle with Mr. Gyurov, who is contesting a decision made by the Supervisory Board of the bank. Mr. Gyurov has been given a two-week deadline to comply with the decision or face legal consequences.
If the court rules in favor of Mr. Gyurov and overturns the decision of the Supervisory Board, he will continue to carry out his mandate at the Bulgarian National Bank. However, if the court upholds the decision made by the Supervisory Board, it will be presented to the National Assembly of the Republic of Bulgaria for a final decision, as stated by the Bank.
The Bulgarian National Bank is prepared to take all necessary actions in accordance with the court and parliament decisions. The decision of the Supervisory Board of the Bank took into account the written opinion presented by Mr. Gyurov, ensuring a fair and transparent process.
The Decision of the Bulgarian National Bank
As outlined during the hearing, the decision was further supplemented by the Central Bank. Andrey Gyurov did not participate in the voting. The decision was unanimously adopted by the remaining six members of the Bulgarian National Bank’s Governing Council.
