site.btaCourt Upholds Withdrawal of Corpbank's Licence

Court Upholds
Withdrawal of Corpbank's
Licence


Sofia, January 13 (BTA) - The Supreme Administrative Court said
on Tuesday it has upheld a Bulgarian National Bank decision to
withdraw the licence of the Corporate Commercial Bank
(Corpbank).

According to Tanya Vacheva and Ivan Radenkov, two of the three
judges who considered the case, the Corpbank shareholders have
no legal interest in challenging the loss of the licence. But
the third judge, Sonya Yankoulova, found the shareholders'
claims justified.

The court judgment is not final and the case will be reviewed by
a five-judge panel of the Supreme Administrative Court.

The claims against the revocation of Corpbank's licence came
from the shareholders Bromak EOOD, Bulgarian Acquisition
Company, Corpbank's former Executive Director Orlin Roussev, and
Vera Arhoundova.

Corpbank suspended all operations on June 21, 2014 after a run
by depositors left it illiquid. After over five months of
central bank conservatorship, in November the lender was found
to be in the red by 3.7 billion leva and had its licence
revoked. It is now in the middle of a bankruptcy procedure.
PK/VE

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