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The owner of the majority of PFC Levski’s shares remains Georgi Popov, trade law specialists revealed. They consider as “unsustainable” the statement of some lawyers in the media that the endorsement of the actions to Prime Minister Boyko Borissov makes him their owner.
Experts insist that the endorsement is, in fact, a one-sided and abstract transaction, and does not require the acquirer’s signature or other written form for its consent to accept the guarantee. But at the same time, today’s actions have no legal consequences. This is because, on the one hand, the reality of the specific transaction depends on the way to exercise the rights and obligations of the parties to it. In general, it is accepted in legal doctrine that a security is a document with a form and content established by law and there must be a transmission of the document itself. Since the shareholder’s membership rights materialize in shares, the latter as securities are inextricably linked to the exercise, respectively, of the disposition of the rights embodied in them. In the specific case there is no transfer of the securities and they are not in the possession of Mr. Borissov.
In addition, business law experts insist that the backing of the shares has a secondary service function: a specific causal transaction always serves for their transfer. Therefore, the abstract nature of this endorsement is manifested in its very objectification in the document, that is. In drafting it, it is not necessary to mention the reasons for the transfer of the rights of the action. However, to the extent that the bond relationship that arises as a result of the endorsement is always a causal legal transaction, the lack of a cause or its defect is extremely important in the guarantor-endorser relationship. In this case, there is no evidence that there is any communication between Prime Minister Boyko Borissov and Georgi Popov, let alone any agreement.
At the same time, there is a clear disagreement on the part of Borisov to acquire the shares of PFC Levski, objectified in his refusal to accept the shares themselves. As a result of the above, it can be considered that even if there is a formal declaration of intention to transfer the shares of PFC Levski AD, it is not valid and does not give rise to legal effects. Which means that the prime minister does not own the shares. Experts say CEO Pavel Kolev must immediately return the valuable books to their true owner.
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