WSJ: International Investors in Bulgaria’s KTB Demand Their Money Back

Business » FINANCE | July 1, 2015, Wednesday // 20:58
Bulgaria: WSJ: International Investors in Bulgaria’s KTB Demand Their Money Back

A group of international investors have filed a claim to recover some of the USD 172 M it says it is owed by Bulgaria’s collapsed Corporate Commercial Bank, or KTB, The Wall Street Journal reported on Wednesday.

The group includes hedge funds based in London and the United States, according to a “person familiar with the matter and the filing seen by The Wall Street Journal”. The investors had filed the claim with the bank's administrators in late June, after not being paid back on bonds they hold.

According to an official of a US-based fund involved in bringing the claim, the group is “pursuing multiple avenues, from the local filing in the insolvency process to direct claims against the Republic of Bulgaria in international tribunals, to investigations into the movement of KTB assets by key officials in the government."

Bulgaria’s Finance Ministry said it hadn’t been informed about the claim and had declined to comment, according to the WSJ.

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Tags: Bulgaria, international investors, bonds, KTB, Corporate Commercial Bank, Finance Ministry, hedge funds
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