Friday, January 27, 2023
BTC NOON
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation
No Result
View All Result
BTC NOON
No Result
View All Result
Home BNB

Bulgarian insolvent bank CCB was denied right to fair trial – The Sofia Globe

Artem Bogdanov by Artem Bogdanov
August 31, 2022
in BNB
0
Bulgarian insolvent bank CCB was denied right to fair trial – The Sofia Globe
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


The European Court for Human Rights (ECHR) has ruled that Bulgaria’s Corporate Commercial Bank (CCB), which collapsed and had its licence withdrawn in 2014, was denied the right to a fair trial with regard to attempts to review the licence withdrawal, but the court stopped short of making any binding recommendation regarding reparations or preventing a repeat violation.

CCB, also known as KTB by its abbreviation in Bulgarian, was the country’s fourth-largest lender by assets when it asked to be put under special supervision of the Bulgarian National Bank (BNB) on June 20 2014, following a bank run.

An audit several months later found that the bank held mainly impaired assets, requiring a write-down of 4.22 billion leva (about 2.16 billion euro), which led to the lender losing its banking licence in November 2014.

Attempts by its former shareholders and directors to obtain a judicial review of the central bank’s decision to withdraw the licence were repeatedly rejected by Bulgarian courts, which ruled that only the BNB-appointed administrators had the right to seek such a review.

“Ultimately, KTB had been represented by individuals dependent on the BNB and had not been able to put forward its case, in violation of Article 6 § 1 of the [European] Convention [on Human Rights],” ECHR said in its ruling.

ECHR found that not only did Bulgaria deny the bank a judicial review given how Bulgarian courts applied the relevant legislation, but there “had been no judicial or other legal safeguards against the decision to withdraw KTB’s licence.”

But the court went to point out that it “expressed no opinion on whether the decision to withdraw KTB’s licence had been correct in terms of Bulgarian law, or whether it had been in the general interest or had struck a fair balance between that general interest and KTB’s right to the peaceful enjoyment of its possessions.”

The ruling said that while reopening proceedings would be “in principle an appropriate way of redressing the breach”, the judgment should not necessarily lead to “the annulment of that decision and a reversal of its effects rather than in an award of compensation.”

It went on to say that any subsequent proceedings should be organised in “a way which would give KTB an effective opportunity to contest the findings which prompted the BNB to withdraw its licence.”

ECHR dismissed KTB’s claims of 5.3 billion leva, or about 2.7 billion euro, in pecuniary damages and 270 000 euro in legal costs.

The ECHR ruling, delivered by a panel of seven judges, was unanimous. It was adopted on July 5 and made public on August 30. The full ruling is available, in English, here.

(For full coverage of the CCB situation from The Sofia Globe, click here. Logo and corporate motto of Corporate Commercial Bank – “our clients are dear to us” – from a CCB advert. Screengrab from corpbank.bg)

Please support independent journalism by clicking on the orange button below. For as little as three euro a month or the equivalent in other currencies, you can support The Sofia Globe via patreon.com and get access to exclusive subscriber-only content:

Become a Patron!





Source link

RELATED POSTS

TENFinance Introduces Liquid BNB Staking for Boosted Passive Income

Pudgy Penguins launches cross-chain transactions for Polygon, BNB Chain, Arbitrum

Tags: BankBulgarianCCBdeniedFairGlobeinsolventSofiaTrial
ShareTweetPin
Artem Bogdanov

Artem Bogdanov

Related Posts

TENFinance Introduces Liquid BNB Staking for Boosted Passive Income

TENFinance Introduces Liquid BNB Staking for Boosted Passive Income

by Artem Bogdanov
January 26, 2023
0

$BOG Token Relaunches after Flash Loan AttackBogged Finance officially relaunched more than a week after the token was exploited. The...

Pudgy Penguins launches cross-chain transactions for Polygon, BNB Chain, Arbitrum

Pudgy Penguins launches cross-chain transactions for Polygon, BNB Chain, Arbitrum

by Artem Bogdanov
January 26, 2023
0

Pudgy Penguins announced that it is using Layer-0 to allow cross-chain transactions on adding Polygon (MATIC), BNB Smart Chain, and...

Chiliz (CHZ), Binance (BNB), and Orbeon Protocol (ORBN): 3 coins to look out for in 2023

Chiliz (CHZ), Binance (BNB), and Orbeon Protocol (ORBN): 3 coins to look out for in 2023

by Artem Bogdanov
January 26, 2023
0

This article dives into the current happenings of 3 major cryptocurrencies - Chiliz (CHZ), Binance (BNB), and Orbeon Protocol (ORBN)....

‘Victims of Ankr exploit’ group unhappy with 50% reimbursement

‘Victims of Ankr exploit’ group unhappy with 50% reimbursement

by Artem Bogdanov
January 26, 2023
0

A group calling itself “Victims of Ankr Exploit” have claimed that its members lost over 13,000 BNB liquid staking coins...

Could BNB suffer from FUD as mix-up causes bad press: Decoding…

Could BNB suffer from FUD as mix-up causes bad press: Decoding…

by Artem Bogdanov
January 26, 2023
0

A Bloomberg report has pointed out that Binance failed to separate users’ funds from collateral. BNB appeared to react negatively...

Next Post
Still Confused About Bitcoin? – Consumer Reports

Still Confused About Bitcoin? - Consumer Reports

Sei Raises $5M Led by Multicoin Capital to Build the First

Sei Raises $5M Led by Multicoin Capital to Build the First

RECOMMENDED

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

January 26, 2023
Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

January 26, 2023

MOST VIEWED

  • Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    0 shares
    Share 0 Tweet 0
  • Destiny 2: Season of the Seraph Warmind Node locations

    0 shares
    Share 0 Tweet 0
  • How Did Sam Bankman-Fried’s Alameda Research Lose So Much Money?

    0 shares
    Share 0 Tweet 0
  • Project Cedar: Improving Cross-Border Payments With Blockchain Technology

    0 shares
    Share 0 Tweet 0
  • Could USDT Crash Like Luna? Here’s 3 Safe Options

    0 shares
    Share 0 Tweet 0

Recent News

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

Sen. Cruz Champions Cryptocurrency with the Reintroduction of the ACCEPT Resolution

January 26, 2023
Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

Critical Hit? Dungeons & Dragons-Inspired Web3 Game Pivots Amid NFT Ban

January 26, 2023
Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

Web3 Loyalty Programs Are Catalyst for Good Crypto Policy and Adoption

January 26, 2023

Category

  • Altcoin
  • Altcoins
  • Bitcoin
  • Blockchain
  • BNB
  • DeFi
  • Ethereum
  • Luna Crash
  • News
  • NFT
  • Regulation

Follow Us

Find Via Tags

altcoin Altcoins analyst big Binance Bitcoin Blockchain BNB BTC buy Cardano Chain Coin Crash Crypto Cryptocurrency DeFi Digital dogecoin ETH Ethereum Exchange Eyes Finance FTX heres investors Launches Luna Market Merge News NFT NFTs Platform Prediction Price Protocol Regulation Solana Token Top Trading Week XRP

© 2021 BTC Noon

No Result
View All Result
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation

© 2021 BTC Noon