Scheme for draining state-owned company exposed

Minister of Regional Development Ivan Shishkov has uncovered a large-scale abuse scheme at "ViK Energy Group" EOOD. Between March 2025 and March 2026, the previous management entered into unfavorable contracts, leading to financial losses of over 2.5 million euros.

"The damage of 2.5 million euros directly affects the quality of water and deprives water utility operators of a vital resource," stated Minister Shishkov.

Mechanism of the fraud

  • Manipulated contracts: Private companies ("Voltura", "Ampersand Energy", and "Solar SAV") sold electricity at fixed high prices, while during market downturns, they transferred expensive supplies to the state operator.
  • Hidden annexes: In a public procurement for "ViK Burgas," the state-owned company was disqualified in favor of a private entity, despite having offered a lower price. Secret annexes followed, which increased the cost of the service by over 324,000 euros.
  • Resale of profits: "ViK Energy Group" bought cheap energy from "Toplofikatsiya Sofia," but instead of directing it to the water utility operators, it resold it to private firms, losing over 909,000 euros in missed benefits.

Multiple regions are affected, including Vratsa, Plovdiv, Dobrich, Shumen, Sliven, and Yambol, where electricity accounts for up to 50% of the cost of water.