Nikolay Kitov

The competition watchdog of Bulgaria has given the green light for a Dubai-registered offshore company to acquire consumer electronics retailer Technomarket.

TGI Middle East FZE is also the entity which several months ago bought a stake in Bulgarian tobacco holding Bulgartabac, purchasing shares from controversial MP Delyan Peevski and Italian businessman Edoardo Miroglio.

The Sofia City Court has postponed by a month the decision on the extradition to Italy of Nikolay Kitov, Member of the Board of Directors of Bulgarian consumer electronics retailer Technomarket.

Kitov, who faces tax fraud charges, was arrested in Sofia on July 7. A few days after the arrest, he was released on a bail of BGN 10 000.

A Bulgarian Court is to rule on Monday whether to extradite Nikolay Kitov, a Bulgarian entrepreneur whom Italian authorities suspect of involvement in a tax fraud scheme.

Kitov was detained by Bulgarian authorities who acted in compliance with a European Arrest Warrant.

Just a few days after his detention, however, he was released on bail.

Nikolay Kitov, founder and CEO of Bulgaria-based Technomarket consumer electronics and household appliances chain, has been released on a BGN 10,000 (EUR 5,000) bail by Sofia City Court (SCC), according to BGNES.

Nikolay Kitov, who is a member of the Boards at Technomarket and K&K Electronics, has been arrested in Bulgaria's capital Sofia, the Bulgarian prosecuting authority has said.

Managed by the Sofia City Prosecutor's Office, the operation to detain him was triggered by an ongoing probe into his alleged involvement in a millions-worth tax fraud scheme.