State Fund of Oman withdraws claims against Bulgaria over CorpBank

The decision confirms the thesis of the Bulgarian public prosecution that Tsvetan Vassilev is guilty of the financial pyramid’s collapse

Evidence against Tsvetan Vassilev in the CorpBank case contributed to taking the decision of great importance to the state – it is related to the financial pyramid which collapsed owing to the fugitive “pharaoh”. The Court of Arbitration in Washington has finally settled the dispute between Bulgaria and the Omani fund and on 13 August ruled on the international arbitration case No. ARB/15/43 filed by Omani State General Reserve Fund against Republic of Bulgaria with the International Center for Settling Investment Disputes in Washington, Bulgarian Ministry of Finance reported.

The claimant on the case complained that the actions of the Bulgarian state and the Bulgarian National Bank, namely putting the CorpBank under special supervision, revoking its license and declaring it insolvent as well as denying it liquidity support or some other rescue plan are in violation of the agreement on foreign investor protection between Bulgaria and the Sultanate of Oman.

“After Bulgaria tabled two written statements of the defense along with two expert conclusions and evidence in December of 2018, the State General Reserve Fund of Oman dropped its claims which prevents any future claims in this or other international arbitration tribunal. The decision is overruled finally and awards to claimant to fully pay out the case costs to Bulgaria,” Finance Ministry added.   

The case materials which the Finance Ministry of Bulgaria provided are kept in the “CCB Case” file. The Specialised Prosecutor’s Office has launched a lawsuit against Tsvetan Vassilev in the Specialised Criminal Court of Bulgaria. On the basis of this evidence, the Omani authorities ruled that the bank was syphoned off by its former majority owner. The final decision by Oman confirms the thesis of the Bulgarian public prosecution that Vassilev is guilty for the collapse of the financial pyramid.

In Bulgaria, the CorpBank case will be again heard at first instance in the autumn. 

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