Nexo Is Suing Bulgaria For Over $3 Billion
After enduring a year of institutional uncertainty, Nexo, a prominent global digital asset institution, is seeking justice through a legal claim exceeding USD 3 billion against the Republic of Bulgaria
The Bulgarian State must pay EUR 50 000 as compensations and expenses in nine cases it lost against the European Human Rights Court in Strasbourg.
The most astonishing case is the one of a Bulgarian man, who won his case, but had not been compensated by the State in 32 years and counting.
The Strasbourg Court ruled on his claim on July 20 2011, and the Council of Ministers will make a decision Wednesday to release the funds needed for the compensation.
Tsvetan Dichev, now 76, had been finally successful in suing the Sofia City Hall and the Bulgarian State to recompense him after the record-breaking delay.
Dichev's house and parking garage in Sofia were expropriated in 1979 and he was to receive another garage and an apartment for it. He received the apartment in 1984, but was told he won't get a parking garage since the apartment building did not have any.
He then asked to be reimbursed by a garage at another location or be given money. There had been an appraisal done at the time, but the City Hall failed to undertake any move despite several Court instances ruling in Dichev's favor for many years.
The European Court bases its rule on the grounds a delay of 32 years is unacceptable and it stems from the authorities' passive approach and their lack of desire to resolve the issue.
The European magistrates ruled that Dichev obtains ownership of the garage owed to him within three months. If he still does not have one upon expiration of the deadline, he must be paid EUR 12 000 along with an additional compensation of EUR 4 000 for material damage and EUR 2 000 for non-material damages.
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