Balgarianovinite.com The Minister of Health Katya Ivkova dismissed four members of the Board of Directors of the state-owned commercial corporation BulBio and appointed new ones in their place as announced by the Ministry of Health on Tuesday. The new board will perform its functions until a competitive procedure is held in accordance with the Public Enterprises Act.
Desislava Bileva, Bistra Koleva-Madzharova, Stefan Garchev and Roumen Kofinov were dismissed. Ivo Todorov as an independent member, as well as Kliment Petrov, Dorotea Robeva and Veronika Chaneva as representatives of the State, were appointed as new members of the Board of Directors. Ani Alexandrova-Naydenova retained her place on the Board of Directors.
The decision was made after an analysis of the company’s financial statements, an audit report of the Ministry of Health, information from the previous management and the findings of an inspection by the World Health Organization, including on the implementation of the Corrective and Preventive Action Plan (CAPA).
The Ministry stated that the company ended 2025 with a negative financial result, and the negative trend continues in 2026. As of March 31, an accounting loss of EUR 872,000 was reported. According to the analysis, over the past six years, the company’s financial result has deteriorated from a profit of BGN 8 million to a loss. Production and sale of products with negative profitability, sales below full production cost, increasing costs, deteriorating liquidity and insufficiently effective control over financial and production risks have been identified.
The audit of the Ministry of Health and the materials from the World Health Organization inspection have identified significant weaknesses in the quality management system and in the implementation of the CAPA plan. According to the Ministry, some of the planned measures have not been fully implemented or their effectiveness has not been proven, which creates risks for the company’s production activities and regulatory compliance.
“The accumulated losses, delayed corrective measures and growing regulatory risk require an immediate management decision. We cannot ignore the tension in the company, the protests and the loss of dialogue with employees,” said Minister Ivkova, quoted in the announcement. According to her, the new management is tasked with restoring financial sustainability, production reliability and trust in the company.
The new board has been assigned to conduct a comprehensive analysis of the company’s financial condition, present an updated forecast until the end of 2026, take measures to limit losses and improve liquidity, accelerate the implementation of the CAPA plan, as well as ensure continuous production and agreed deliveries, limit regulatory risks and restore dialogue with employees.
Earlier on Tuesday, employees of the state-owned company protested the company’s poor management, as well as the financial loss reported last year and the lack of vision for its future development. The protesters demanded the resignation of the entire management of BulBio. Health Minister Ivkova Replaces Four Members of BulBio Board of Directors 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-07-28 13:50:59 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law