Bulgaria proposes 10 years’ jail for theft of firms

Bulgaria’s Justice Ministry is proposing draft legislation envisaging imprisonment of one to 10 years and confiscation of assets of theft of companies when the theft has resulted in large-scale financial damage.

The ministry posted the draft legislation online on July 6 for public comment.

There have been repeated incidents in which records of ownership and control of companies in Bulgaria have been illicitly altered. Company theft is usually carried out to take on large loans in the name of the stolen company and then abscond with the money or to undertake other contractual obligations of which the real owner is unaware.

There reportedly also have been cases in which a company is stolen and then ransomed back to its proper owner.

The Justice Ministry’s proposed amendments to the Penal Code on company theft were among a number posted for public comment, also envisage increasing the jail term for document fraud to up to six years from the current two.

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(Photo: Darren Shaw/sxc.hu)