The State General Reserve Fund of Oman wants to recover the book value of its investment in the bankrupt Corporate Commercial Bank and has taken legal action against Bulgaria. The Bulgarian National Bank put the Corporate Commercial Bank under administration in June 2014 after it suffered a run on deposits.
The Corporate Commercial Bank was declared insolvent four months later, when the Bulgarian National Bank suspended its banking license. The State General Reserve Fund of Oman, which owned 30 percent of the Corporate Commercial Bank, is claiming €720m in damages, according to estimates made by finance experts. The Bulgarian newspaper 24 Chasa reports that Oman is pursuing the case through a European court of arbitration.
