Nexo AG and its subsidiaries have initiated legal action
against the Republic of Bulgaria, filing an International Centre for Settlement
of Investment Disputes (ICSID) arbitration claim exceeding $3 billion. The
claim alleges damages and lost opportunities resulting from what Nexo describes
as wrongful and politically motivated actions by Bulgarian authorities.
Represented by the prestigious U.S. law firm Pillsbury
Winthrop Shaw Pittman LLP, Nexo AG’s claim centers on the aftermath of
unjustified and oppressive criminal investigations. These investigations,
initially launched by the Bulgarian Prosecutor General’s Office in January
2023, were subsequently dismissed for lack of merit on December 21, 2023,
clearing Nexo and its management, including Kosta Kantchev, Antoni Trenchev,
Kalin Metodiev, and Trayan Nikolov.
“Despite the unjustified attacks
by the Bulgarian authorities in January 2023 taking a significant toll on the
entire Nexo group, we were able to continue business operations,” said Antoni
Trenchev, co-founder of Nexo, “however, our growth path has been slowed down
and opportunities lost or significantly delayed. I personally promised 10
months ago that we would explore all legal means available to secure financial
compensation for Nexo.”
“Now that the Bulgarian Prosecutor’s Office itself has
finally exonerated us, the time is right for us to file our claim and receive
reparations for the enormous reputational and financial damage suffered. By our
actions we hope to show to those in power that actions have consequences and
hopefully prevent such unnecessary value destruction going forward. We believe
that this will be a vindication for Nexo but also for all good actors in the
blockchain space that have found themselves under attack from multiple fronts
in the past two years,” stated by Nexo.
Deborah Ruff, Pillsbury’s head of arbitration, expressed
confidence in representing Nexo in what she called a “battle for
justice.” Matthew Oresman, Managing Partner of Pillsbury’s London Office,
affirmed belief in the strength of Nexo’s claim after a thorough examination of
the case.
Nexo AG and its subsidiaries have initiated legal action
against the Republic of Bulgaria, filing an International Centre for Settlement
of Investment Disputes (ICSID) arbitration claim exceeding $3 billion. The
claim alleges damages and lost opportunities resulting from what Nexo describes
as wrongful and politically motivated actions by Bulgarian…
