SOFIA (Bulgaria), January 14 (SeeNews) – Bulgaria's Supreme Administrative Court (SAC) said it has decided not to hear appeals filed by shareholders of Corporate Commercial Bank [BUL:6C9] against the central bank's decision to revoke the licence of the lender.
In June, the Bulgarian National Bank (BNB) placed Corporate Commercial Bank (Corpbank) under special supervision over risk of insolvency and appointed two conservators after it notified the central bank it had run out of liquidity. Payments and all types of banking operations were suspended.
On November 6, the central bank delicensed Corpbank and said it would seek the bank's insolvency after it was found to have a negative own capital.
SAC has decided that the appeals filed by Bulgarian Acquisition Company II - a subsidiary of the State General Reserve Fund of the Sultanate of Oman, Bromak, as well as by two physical persons, also Corpbank shareholders, against the delicensing of the lender are inadmissible for procedural reasons.
The decision, which was taken on January 13, is subject to appeal within seven days.
Bromak held 50.66% of the voting rights of Corpbank, and the Omani fund, through Bulgarian Acquisition Company II, Luxembourg, held 30.354% of the voting rights, according to the bank’s latest financial report. A unit of Russia's VTB owned 9.07% of the bank at end-September.
Last week, SAC decided not to hear an appeal by Bromak against BNB's decision to appoint conservators at the bank.
(1 euro = 1.95583 Bulgarian levs)