Georgi Naydenov

For the footballer, see Georgi Naydenov (footballer).

Georgi Ivanov Naydenov (Bulgarian: Георги Иванов Найденов) (born July 19, 1927 – October 3, 1998) was a Bulgarian businessman and banker who was born in the small town of Strelcha, 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, 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, in September 1992, which exists to this day.

Sources

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