International Centre for Settlement of Investment Disputes

After enduring a year of institutional uncertainty, Nexo, a prominent global digital asset institution, is seeking justice through a legal claim exceeding USD 3 billion against the Republic of Bulgaria.

Cryptocurrency-based financial services company Nexo has filed a case against Bulgaria in an international arbitration court in the USA, according to investigative website "Bird.bg" This move comes after the Bulgarian prosecutor's office dropped its investigation into Nexo, citing insufficient evidence of a crime.

Albania's Justice Minister, Ulsi Manja, presented a draft law on Thursday for the establishment of a local court to settle commercial disputes, after the PM announced that Albania might leave the international arbitration body.

The investment dispute resolution arm of the World Bank has ruled in favor of Turkey in a case filed by a puppet company of the FETÖ - the group behind the 2016 defeated coup in Turkey - Turkey's Savings Deposit Insurance Fund announced on Sept. 21. 

Hundreds of Greek depositors have joined forces against the Republic of Cyprus in demand of compensation over a 2013 haircut on uninsured bank deposits, calling on MPs to push their claim before it goes to international mediation.

"He invested around 110 million euros in Serbia and he lost all that money," Milan Radunovic told BIRN. "He wanted to go to court because our government cancelled the agreement for the coalmine without any reason."

Kovachki's office in Sofia did not respond to a request for comment. Nor did the Serbian government.

Political party connections

Oman's sovereign wealth fund has withdrawn an 80 million euro ($89.98 million) claim against Bulgaria over the collapse of Corporate Commercial Bank (Corpbank), the Bulgarian finance ministry said in a statement on Thursday.

The arbitration case brought by EVN against Bulgaria at the International Center for Settlement of Investment Disputes (ICSID) at the World Bank in Washington is over, writes Capital.

The decision has not yet been published, but the Austrian firm has announced that it will not be paid the damages sought, which, according to unofficial information, was about 500 million euros.

The International Centre for Settlement of Investment Disputes (ISCID), an arm of the World Bank, fined the Pakistani government up to $800 million in an arbitration case launched in 2013 by Karkey Black Sea Energy Group (Karkey), a Turkish firm that runs power generation sea vehicles. 

Austrian energy company EVN has reached an out-of-court settlement with the National Electric Company (NEK) on an old dispute dating back to 2012 - 2013.

The amount is unknown but the Austrian group estimates that the funds agreed will raise its net profit for the current quarter by EUR 38 M.