Send to Kindle
The State General Reserve Fund (SGRF), Oman's biggest sovereign wealth fund, has launched legal action against the government of Bulgaria over the collapse of Corporate Commercial Bank (KTB), Reuters reported on Wednesday.
SGRF was the second-largest shareholder in KTB and had a 30-percent stake in what was once Bulgaria's fourth-largest lender.
KTB was exposed to a bank run in June of last year and placed under supervision.
Speaking on the condition of anonymity, a source at the SGRF told Reuters that "the arbitrations is in European courts" and that the plaintiffs demand "to get book value" of their investment "as per day the bank was stopped as well as interest."
Bulgaria's Finance Ministry has not complied with a request to comment, Reuters added.
This comes on the day a special committee with Bulgaria's Parliament accused KTB's majority shareholder Tsvetan Vasilev of running the bank as a "pyramid" scheme.
Though the businessman Vasilev has not yet commented, he has consistently denied the allegations in previous statements, arguing there was a political plot against him and his bank to get access all of its assets.
You can read the full story here.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The defendant Tsvetan Vasilev is no longer wanted by Interpol, the information was confirmed for BTA by Vasilev's lawyer Konstantin Simeonov
Oman's health ministry has announced the first two cases of people infected with the Chinese coronavirus in the country, Omani television quoted Reuters as saying.
Bulgaria, which is seeking to cement its path to euro adoption this year, said it has no plans to join Europe’s banking union before switching to the common currency.
The court sitting on the case for siphoning off of more than BGN 2 and a half billion from the Corporate Commercial Bank on 28th of February continues for second day In the Specialised Court.
President Rumen Radev will guarantee the security of banker Tsvetan Vasilev if he decides to return to Bulgaria and testify in the KTB case.
The daughter of former banker Tsvetan Vasilev, Radoslava Vasileva, is charged with money laundering.
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
The National Statistical Institute's latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB)
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
