Company without financial statements delays key rail link with North Macedonia

The contract for the construction of the missing railway section between Gyueshevo and the border with North Macedonia has been appealed to the Commission on Protection of Competition (CPC). Rineks-M EOOD objects to the very decision to announce the procedure, whose estimated value is over BGN 114 million excluding VAT.

The antitrust authority has initiated proceedings, but no decision has yet been made on the appeal. The company is also seeking the imposition of interim measures, i.e., suspension of the procedure. As of today, the tender has not been suspended. The nature of the appeal will only become clear after the CPC has made its decision.

However, it will most likely delay the tender, which is of utmost importance.

We would like to remind you that the National Railway Infrastructure Company (NRIC) announced the tender at the end of July, and bids are to be submitted by September 5. The procedure is for the design and construction of the last 2.4 kilometers of Railway Corridor 8 on Bulgarian territory. The project is critical for connecting Bulgaria with North Macedonia and involves the complete reconstruction of the Gyueshevo railway station, which will acquire border status.

Who is Rineks-M?

Rineks-M EOOD was founded in 2016 by Ibrahim Ibrahimov Byalkov.

Its initial headquarters were in the village of Kornitsa, Gotse Delchev municipality, but in 2020 it moved to Sofia, in the Student City neighborhood. Its capital is BGN 5,000, according to information from the Commercial Register. The company's scope of activity is extremely broad, including activities ranging from trade and car services to design, construction, and furnishing of real estate.

The company's scope of activity is extremely broad, ranging from trade and car repair services to design, construction, and furnishing of real estate.

The company's latest financial report, which is for 2022 and is in a terrible state, shows that its uncovered losses amount to BGN 77,000. According to the Commercial Register Act, if a company fails to submit its annual financial report on time, the fine is between BGN 1,000 and BGN 5,000. If the legal entity does not correct the situation, the fine is between BGN 1,000 and BGN 5,000 per month. Rineks-M has already missed two years.

A check on a recruitment platform shows that the company has five employees.

According to regional media, the company often appeals contracts in Plovdiv.

Translated with DeepL.