The State Reserve Fund of Oman has abandoned its claims without the right to file them again. This was announced by the Ministry of Finance. On August 13th, the arbitration tribunal ruled on an international arbitration case filed by the State Reserve Fund of Oman against the Republic of Bulgaria at the International Center for the Settlement of Investment Disputes in Washington, USA.
In the case, the complainant said that the actions of the Bulgarian State and the BNB in relation to the placement of Corporate Commercial Bank AD under special supervision, revocation of its license and its bankruptcy, as well as its refusal to provide liquidity support or a rescue plan under another form, are breaches of the Treaty on mutual promotion and protection of investments between Bulgaria and Oman.
After Bulgaria submitted two defense statements, accompanied by expert opinions and evidence, in December 2018, the Omani State Reserve Fund abandoned its claims without the right to file them again. In accordance with this refusal, the decision finally dismissed the claims as unfounded and ordered the applicant to pay all the costs of the Bulgarian case.