State General Reserve Fund

Oman's sovereign wealth fund has withdrawn an 80 million euro ($89.98 million) claim against Bulgaria over the collapse of Corporate Commercial Bank (Corpbank), the Bulgarian finance ministry said in a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 State General Reserve Fund of Oman has taken legal action against Bulgaria, seeking to recover the book value of its investment in collapsed Corporate Commercial Bank, Sofia-based 24 Chasa daily reported on Monday.

Tsvetan Vasilev, the main shareholder of Bulgaria's collapsed Corporate Commercial Bank, has denied charges he was running the bank as a Ponzi scheme.

The main shareholders in Bulgaria's Corpbank (KTB) are seeking a meeting in Sofia next week to conduct due diligence on the bank and prepare a plan for its recovery.

Bank experts, trade-union representatives and employers are set to discuss ways out of the crisis at Corporate Commercial Bank (Corpbank or KTB) and possible bailout scenarios.

A letter from the Sultanate of Oman's State General Reserve Fund (SGRF) is to be discussed during the talks at the Bulgarian Industrial Association (BIA).

The State General Reserve Fund (SGRF) of the Sultanate of Oman is working with the Bulgarian government to handle the situation at Corporate Commercial Bank (Corpbank or KTB).

SGRF President Darwish al-Balushi, also serving as the country's Finance Minister, made the announcement, stopping short of revealing any details, BGNES wire service reports.

Bulgaria’s central bank said on Friday it has invited the two biggest shareholders in Corporate Commercial Bank to propose rescue options for the troubled lender by end-August.

Letters have been sent to Corpbank’s majority owner Bromak EOOD and the State General Reserve Fund (SGRF) of Oman, the Bulgarian National Bank said in a statement.

Bulgaria’s central bank said on Friday it has invited the two biggest shareholders in Corporate Commercial Bank to propose rescue options for the troubled lender by end-August.

CorpBank major shareholder Tsvetan Vasilev has announced that a consortium of investors led by a state fund of the Sultanate of Oman is to present an offer how to help the bank.

A plan to save Bulgaria's Corporate Commercial Bank is in preparation at the State General Reserve Fund (SGRF) of Oman, a fund source argues.

It is expected to be ready within three months, the website Gulf Business quoted the source as saying.

The report follows phone talks held Friday between Bulgarian Finance Minister Petar Chobanov and SGRF CEO Abdulsalam Al-Murshidi.