The Swiss-based crypto lender, Nexo AG, a subsidiary of Nexo Capital in the Cayman Islands, is seeking $3 billion in damages from Bulgaria over an abandoned criminal investigation. The company alleges that the inquiry initiated in January 2023 damaged its reputation and shareholder value. In addition, the organization claimed that the probe disrupted its plans for a U.S. stock market debut and a soccer sponsorship deal.
Nexo Asks For $3 Billion Compensation
Recently, Nexo AG filed a document with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). According to the latest legal filing, the institution stated that the investigation had tarnished its reputation and destroyed shareholder value.
“This or any other communications shall not be considered in any way an admission as to the substance of any claims or as an acceptance of any arbitral jurisdiction,” responded Bulgaria’s Finance Ministry, acknowledging the ICSID’s arbitration request. The
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