For the footballer, see Georgi Naydenov (footballer)

Georgi Naydenov (footballer)

Georgi Spirov Naydenov is a former Bulgarian football goalkeeper and former manager. He is considered the greatest Bulgarian goalkeeper for all time. Between 1955 and 1965 he played in 176 matches for CSKA Sofia. He was honoured as Bulgarian Footballer of the Year in 1961...

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Georgi Ivanov Naydenov (born July 19, 1927-October 3, 1998) was a Bulgaria

Bulgaria

Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...

n businessman and bank

Bank

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

er who was born in the small town of Strelcha

Strelcha

Strelcha is a small Bulgarian town with a population of 4,858 . The town lies 13 km to the east of Panagyurishte and 41 km to the north of Pazardzhik and is part of Pazardzhik Province...

, and became famous during the 1960s as the creator of the unique and successful economic experiment Texim.

The Economic Group

The idea of Texim as an independent organization within the Bulgarian socialist economy originated with a starting capital of 10,000 Leva (1 Dollar at that time was equal to around 1.17 Leva). Yet, although Texim existed for only 8 years from 1962–1969, its legendary success has accompanied the name until this day. Eventually, the experiment expanded to comprise three main units: Texim, the Imextracom Establishment, and the Bulgarian Trading Fleet. One should however note, that each of these units was divided into subunits. For example, the Bulgarian Merchant Fleet included trade, shipbuilding

Shipbuilding

Shipbuilding is the construction of ships and floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to before recorded history.Shipbuilding and ship repairs, both...

, and docks, while Texim included the first Coca Cola establishments in the entire communist block.

Taking a look at three notable statistics, the success of the economic group Texim becomes quantifiable:

1. Texim
   • Net Profit from 1962- 30.03.1969: 29,281,000 Leva.
2. Imextracom Establishment
   • Net Profit from 1962- 30.03.1969: 11,900,000 USD.
3. Bulgarian Merchant Fleet
   • Net gain in assets from 1967-1969 exclusively from ships: 60,100,000 Leva.
   • Net profit from Docks: 48,000,000 Leva.

Notable Facts

Notable facts and achievements of the economic group include:

1. The first Coca Cola establishments in the entire communist bloc.
2. The first export of Bulgarian-made ships to Western countries.
3. The first airplanes in Bulgaria able to fly across the Atlantic
4. Texim had the largest fleet of heavy motor vehicles in Europe.
5. The economic group provided work for 45,000 people.

Additionally, Texim was responsible for numerous agricultural undertakings, as well as the sale of luxury goods in special shops which were made available to all people.

Unfortunately for the Bulgarian people and economy, the economic experiment was put to a halt in 1969 because Texim seemed to have advanced too quickly for many politicians. Georgi Naydenov and numerous other directors were imprisoned, despite the fact that the original court ruling absolved them. As a result, the responsible judge Ilia Baychev was removed, and another trial was introduced which eventually caused Naydenov to innocently spend 5 years and 4 months in jail.

Teximbank

After the fall of communism, Naydenov created, the now oldest private bank in Bulgaria, Teximbank

Teximbank

Teximbank is the oldest operating private bank in Bulgaria. It was created by Georgi Naydenov, a famous Bulgarian businessman, who brought economic prosperity to Bulgaria by creating the state-owned economic group Texim in the 1960s and 1970s....

, in September 1992, which exists to this day.

Sources

• Official Website of Teximbank: http://www.teximbank.bg
• The Texim Affair, Dobromir Zadgorski, Sofia: 1994
• http://www.mybulgaria.info/bulgaria/travel/information-about-bulgaria-38.html
• http://www.kampanyarchivum.hu/files/300/8/3/7-2-27.html
• http://www.hrw.org/reports/1999/bulgaria/Bulga994-02.htm#P384_79881
• http://www.standartnews.com/archive/2001/07/22/english/interview/index.htm
• http://www.duma.bg/2007/1007/031007/iskam/isk-1.html
• http://www.bgbook.dir.bg/book.php?ID=7290