Five-member SAC Panel Says Corpbank Shareholders Have No Interest to Appeal Licence Withdrawal
Sofia, April 2 (BTA) - A five-member panel of the Supreme
Administrative Court ruled Thursday to close the bankruptcy case
of troubled Corporate Commercial Bank (Corpbank) judgment in an
administrative case in which the bank's majority owner
challenged the central bank's decision to de-license it. The
decision comes in the wake of a three-member panel judgment and
states that Corpbank shareholders have no legal interest to
challenge the central bank's decision, the SAC judgment
published on the court's website said Thursday.
Corpbank's bankruptcy was petitioned on November 7 after the
central bank's Governing Council withdrew its banking licence on
November 5. Tsvetan Vassilev's Sofia-based Bromak EOOD, which
is the majority shareholder in Corpbank, with a 50.7 per cent
stake, lodged an appeal against the delicensing decision with
the Supreme Administrative Court. The appeal was backed by the
other shareholders - Bulgarian Acquisition Company, the former
Corpbank CEO Orlin Roussev and Vera Arhoundova.
Today's decision of the court is final and closes the petition
case.
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