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

Omani wealth fund takes $165m legal action against Bulgaria over bank collapse

Posted on 28 October 2015

Oman’s biggest sovereign wealth fund has filed an arbitration claim against Bulgaria over the collapse of Corporate Commercial Bank (Corpbank), the online database of Washington-based International Centre for Settlement of Investment Disputes showed.
Oman’s State General Reserve Fund (SGRF) fund owned a 30 percent stake in Corpbank, which was Bulgaria’s fourth-largest lender before collapsing last year following a bank run. The bank collapse triggered the Balkan country’s biggest financial crisis since the 1990s, prompting Sofia to pay over 3.6 billion levs ($2.03 billion) to guaranteed depositors and boosting the country’s fiscal deficit for 2014 to 5.8 percent of economic output………………………………………..Full Article: Source


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