Texim Holding AD is the primary holding company of the Naydenov family in Bulgaria. It consolidates a portion of the inheritance from the estate of the family’s patriarch, the late Georgi Naydenov, founder of the Economic Experiment Texim in the 60’s, which encompassed the creation of the first conglomerate in the country, as well as founder of the oldest operating private bank in Bulgaria, Texim Bank AD which exists to this day.
1927, July 19th
Georgi Naydenov is born in the small village of Strelcha, Bulgaria.
At the age of fifteen, as one of the youngest members, Naydenov joins the Partisan movement in Bulgaria in their fight against Fascism.
At the age of twenty-four, Naydenov begins working at the Ministry of Foreign Affairs, and works as a diplomat and for the Bulgarian reconnaissance for two years in Turkey and four years in Egypt.
Bulgaria wanted to help the Algerian people in their fight for freedom against French colonialism, but could not do so officially due to it relationship with France. Therefore, a joint-venture company was set up in Liechtenstein between Bulgaria and the Algerian revolutionaries.
Pavlina Naydenova, the second daughter of Georgi and Slavka Naydenov, is born.
Naydenov sends a vital shipment of weapons to the Algerian Revolutionary forces, with the ship “Breza”, which manages to break through the French naval blockade, set up in order to starve the revolutionary army.
1961, July 5th
Imextracom Establishment is created in Liechtenstein to facilitate the joint efforts of Bulgaria and the Algerian Revolutionaries. 50% of the company was officially owned by Georgi Naydenov, and 50% by the Algerian revolutionary leader Mabet Sharef, known officially under his pseudonym – Doctor Hashemi. Imextracom is the first Bulgarian offshore company.
Healthcare supplies, weapons and other needed goods are sent from Bulgaria to Algeria via the Imextracom Establishment.
A second vital shipment of weapons is sent to the Algerian Revolutionary forces via Imextracom with the ship “Bulgaria”. Again the ship manages to break through the French naval blockade.
1961 – 1969
Naydenov founds and manages the first Bulgarian conglomerate Texim.
1962, April 11th
DSO Texim is created in Bulgaria.
1962, July 5th
“Bulgaria and the Bulgarian people take a special, I would say honorable place. This is why, in the name of the Algerian government and people, I give you my most heartfelt thanking for the moral and material aid, that you gave us in our most difficult moments.”
President of Algeria, Ahmed Ben Bella, 1964
Imextracom buys two large ships, the “Atlas” and the “Beni Saaf”.
Algerian Youth Organization is created through funding by DSO Texim
The first contracts with the Coca Cola Company are signed with DSO Texim. This is the first time that Coca Cola is introduced in the entire Soviet bloc. Productions site are set up in Bulgaria by Texim.
DSO Texim buys six ‘Il-18’ airplanes, surpassing the state-owned aviation company TABSO which has five ‘Il-18’ airplanes.
Creation of Litex Bank in Beirut, Lebanon.
Imextracom‘s maritime fleet reaches 368’000 tons.
1967, January 26th
DSO Shipbuilding, DSO Shipping Fleet, and directorate Balkantrans from DCP Bulet merge with DSO Texim, creating the Bulgarian Merchant Fleet.
Twenty-five ships are bought by the Economic Group of which twenty are brand new.
From 135 countries with registered ships under their flag, Bulgaria ranks first in the world regarding the growth of its fleet.
The Marine Merchant Bank, the first Bulgarian commercial bank after 1944, has a turnover of 1.5 billion lev of which 1.1 billion lev are from domestic transactions and 0.4 billion lev are from foreign transactions.
Texim is at its hight, employing over 45’000 people, with national and international businesses in banking and finance (Marine Merchant Bank and Litex Bank), trade, retail (Moda and Lux), logistics and cargo (SOMAT, Bulet, Sea Ports etc.), agriculture, construction, pharmaceuticals, healthcare light and heavy industry (Coca Cola, shipbuilding etc.), tourism, and shipping (Bulgarian Merchant Fleet). Imextracom reaches profits of over USD 100 million between 1961-1969 (more than USD 686 million in 2018 terms), and total generated added value for Bulgaria of USD 206.8 million in 1969 (more than USD 1.4 billion in 2018 terms).
The Coucil of Minsters decides the break-up of the economic conglomerate Texim. The leadership is accused for being responsible for more than twenty eight offenses, and having embezzled 112,427,791 Lev. Moreover, the leadership of Texim is accused of having created an “ideological diversity, and in eroding the conscience of the working class”, since they have created the accord system. This means giving stimuli to the workers and creating motivation, since people are working first and foremost for themselves, and secondly for the company and the country.
Chief Investigator Nikolai Oresharov begins investigating the allegations against Texim. He finds no wrongdoing in the operations of Texim, and is respectively fired from his position by Chief Prosecutor Ivan Vachkov.
1971, May 3rd
Sofia City Court begins the trial against ten people involved in the leadership of Texim, under the honorable judge Ilia Baichev. The trial is held in Sofia City Court, although it should be held in a military court, since the main defendant, Georgi Naydenov is an officer from the Bulgarian reconnaissance.
1971, July 16th
Despite widespread intimidation of witnesses, defense attorneys and the judge Ilia Baichev, as well as the falsification of documents, the court acquits nine of the ten defendants on all counts (twenty five counts regarding Georgi Naydenov). After being acquitted by the Sofia City Court the defendants remain in prison, and judge Ilia Baichev is fired. This is a precedent in the history of the Bulgarian judicial system.
1972, February 7th
The Supreme Court begins reviewing the decision of the Sofia City Court.
1972, July 20th
The Supreme Court overrules the entire acquittal of the Sofia City Court, and sentences the leadership of Texim, first and foremost Georgi Naydenov to severe jail terms. The conviction of the leadership of Texim is a political decision based on an internal struggle for power within the leadership of the communist party, as well as external forces from the Soviet Union who fear the implications of such a large and successful economic entity based on capitalistic principles in a communist country, particularly at the end of the 1960s, with events such as the Prague Spring of 1968.
Naydenov and other senior managers of Texim are innocently sentenced to jail on indirect order from the Soviet Union. Naydenov is sentenced to 12 years for using capitalist methods to run an enterprise.
Georgi Naydenov is released from jail after five years and four months.
Ionko Naydenov is born.
Georgi Naydenov II is born.
Georgi Naydenov founds Texim Bank. On the same day that Todor Zhivkov, the former Bulgarian communist leader, is read his sentence in court for his crimes as dictator of Bulgaria.
The Supreme Court of the new Republic of Bulgaria officially cancels the verdict of the Supreme Court of the People’s Republic of Bulgaria from the 20th of July, 1972 against Georgi Naydenov and the other defendants. Thus, the case is finally sent to the prosecution of the Armed Forces for review.
1993, June 23rd
The prosecution of the Armed Forces terminates all criminal proceedings against Georgi Naydenov and the other wrongfully accused defendants in the case against the leadership of the first Bulgarian conglomerate Texim.
Slava Naydenov is born.
1998, October 3rd
Georgi Naydenov dies at the age of 71 in Sofia, Bulgaria.
Texim Bank acquires Balkan Capital Management, which is renamed into Texim Asset Management.
Texim Holding is found as by the Naydenov Family a successor to the name Texim, to consolidate the families assets in Bulgaria.