Nexo Files $3 Billion Claim Against Bulgaria Over Failed Inquiry
- Claim submitted to World Bank’s investment disputes arbiter
- Nexo argued the investigation had been politically motivated
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Crypto lender Nexo AG said it had filed an arbitration claim worth more than $3 billion against Bulgaria, following the end of an investigation into its activities that saw its office there raided and four people charged.
The claim was submitted at the Secretariat of the World Bank’s International Centre for Settlement of Investment Disputes in Washington, the company said in a statement on Wednesday. Nexo, which is being represented by US law firm Pillsbury Winthrop Shaw Pittman LLP, argued the investigation had been “politically motivated,” resulting in lost business opportunities and damage to its brand reputation.