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2015-07-10

STATEMENT

Recently, there has been news circulation amongst local and global mass media that the Saltanate, represented by State General Reserve Fund, has started a lawsuit against the Bulgarian government becuase of the bankruptcy of the Corporate Commercial Bank, based on information from an unkown source as the report shows. SGRF cannot comment on quotes made by anonymous source. However, it is seriously working to protect its investment in CCB and observing all CCB related updates.

On the other hand, SGRF ensures that its shares in CCB represents much less than 0.5% of its total investment portfolio. Yet, the fund will spare no effort to retrieve its money. It ensures as well that majority of its investments achieved good growth and profits during past years, as the average annual return which has been generated by the fund reached 7.5% since establishment until December 2014. That is considered as good rate in relation to sovereign wealth funds.

In terms of governance and transparency, SGRF applies the best international standards and control systems in all its operations and investments activities to ensure best practices in securing the fund. It is noteworthy that SGRF has recently started disclosing some information related to its performance and investment activities through differnt mass media and through its website.


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