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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

Omani Sovereign Fund Said to Be Seeking EUR 720 M from Bulgaria over KTB Collapse

Posted on 27 October 2015

The State General Reserve Fund of Oman has taken legal action against Bulgaria, seeking to recover the book value of its investment in collapsed Corporate Commercial Bank, Sofia-based 24 Chasa daily reported on Monday. The Omani sovereign wealth fund was also reportedly seeking interest payments for the period from the putting of the bank under the Bulgarian central bank’s control to the date when it was declared insolvent, 24 Chasa said.
The Bulgarian National Bank (BNB) put the country’s fourth-largest lender under direct administration on June 20, 2014 following a run on deposits, suspending shareholders’ rights. In April, Corporate Commercial Bank, known by its Bulgarian acronym KTB, was declared insolvent as of November 6, 2014 – the date when the BNB suspended its banking licence………………………………………..Full Article: Source


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