Bulgaria wins arbitration case filed by Omani fund over CCB insolvency – The Sofia Globe
Bulgaria won the arbitration case filed by the State General Reserve Fund of the Sultanate of Oman at the International Centre for Settlement of Investment Disputes (ICSID), part of the World Bank group, the Bulgarian National Bank (BNB) said on April 22.
The Omani fund filed its arbitration claim in October 2015, after it lost a 30 per cent stake in Bulgarias Corporate Commercial Bank (CCB), which was declared insolvent by court decision in April 2015.
The fund argued that Bulgaria was violated the terms of its agreement with Oman on foreign investor protection when it put CCB under the special supervision of the central bank in June 2014. It sought 80 million euro in compensation, BNB said.
As a result of the successful defence by the Bu…