Bulgarian tobacco firm Bulgartabac to halt exports to Middle East
17/03/2016 08:10
SOFIA, March 17 (Reuters) - Bulgarian tobacco company
Bulgartabac 57B.BB said it would halt sales to the Middle East
as of April 1, following media allegations its products made up
a large part of the cigarettes illegally smuggled into
neighbouring Turkey.
Bulgartabac denied any wrongdoing, adding its exports had
been carried out in full compliance with customs and trade
legislation, which had been confirmed by customs and tax audits.
"Given the sensitive situation in the Middle East,
Bulgartabac is stopping exports to the region in order to
prevent the involvement of the company in artificially created
reputation problems that could completely ruin it," Bulgartabac
said in a statement.
Bulgartabac said the move would result in 400 job losses,
about eight percent of the group's employees.
The allegations against Bulgartabac were reported last month
by the Capital daily newspaper as well as the Dnevnik website.
Last year, Bulgartabac's exports fell 23 percent to 19.3
billion cigarettes on an annual basis.
(Reporting by Angel Krasimirov; Editing by Mark Potter)
((angel.krasimirov@thomsonreuters.com; +359 888 695 510;))
Keywords: BULGARIA TOBACCO/