Bulgaria’s Culture Minister: NDK Losses Reach €49 Million as Executive Director Earned €13,680 a Month

Culture Minister Evtim Miloshev has disclosed new details about the financial condition of the National Palace of Culture (NDK), describing the institution as burdened by deep structural problems and an accumulated loss of approximately 95 million leva, or nearly 49 million euros. According to Miloshev, the losses have built up over many years and are steadily eroding the company's asset base, including the value of the NDK complex itself. “NDK has a structural financial problem, a current loss accumulated over the years and a decreasing capital base,” he said, adding that the continuing deficits are effectively depreciating the state-owned property's assets. ...