site.btaStrasbourg Court Finds Wrongdoing in Corpbank's Delicensing in 2014

The European Court of Human Rights (ECHR) found that Bulgaria's Corporate Commercial Bank (Corpbank) was deprived of judicial control in connection with the decision to revoke its licence in 2014, lawyer Lyudmil Angelov told BTA on Tuesday. According to Angelov, the ECHR detected a violation of the right to a competitive process and a breach of the ownership right of the shareholders.

At the time that Corpbank lost its licence eight years ago, it was Bulgaria's fourth-biggest lender. Its failure triggered a banking crisis in the country. It was placed under special supervision by the Bulgarian National Bank. The principal shareholders challenged the decision before the Supreme Administrative Court.

The ECHR judgment would warrant appeals to Bulgaria's Supreme Administrative Court and Supreme Court of Cassation against the revocation of the bank's licence. Such appeals may be submitted by depositors, among other people, Angelov said.