Omani sovereign wealth fund reportedly sought 720 million euros from Bulgaria following KTB collapse – Novinite.com
The headquarters of the Company Industrial Financial institution (KTB) collapsed in Sofia. File picture
the Common State Reserve Fund of Oman took authorized motion in opposition to Bulgaria, in search of to recuperate the e book worth of its funding in Company industrial financial institutionThe Sofia-based day by day 24 Chasa reported on Monday.
Oman’s sovereign wealth fund additionally reportedly demanded cost of curiosity for the interval from the financial institution’s bringing underneath the management of the Bulgarian central financial institution to the date it was declared bancrupt, 24 Chasa stated.
Bulgarian Nationwide Financial institution (BNB) put the nation’s fourth lender underneath direct administration on June 20, 2014 following a rush on deposits, suspending shareholders’ rights. In April, Company industrial financial institution, identified by its Bulgarian acronym KTB, was declared bancrupt to November 6, 2014 – the date on which the BNB suspended his banking license.
SGRF held 30% of KTB by the Bulgarian acquisition firm II SarL
Specialists estimate the entire quantity of the SGRF declare at 720 million euros, in accordance with 24 Chasa.
The declare in opposition to BulgariaThe finance ministry has been introduced earlier than a European arbitration courtroom, the newspaper stated, citing “knowledgeable sources”. It didn’t specify.
The Ministry of Finance confirmed to 24 Chasa that the Omani fund has taken authorized motion. In addition they instructed the newspaper that they had been making ready their protection however declined to remark.