Nexo’s representatives argue that the criminal investigation initiated by Bulgarian law enforcement agencies has severely damaged the company’s reputation and negatively impacted its share capital value. This situation has disrupted Nexo’s plans to list on a US stock exchange and prevented the company from securing several sponsorship contracts.
According to the Bulgarian Ministry of Finance, they have received the arbitration request and will thoroughly review it through a specialized interdepartmental committee.
Bulgarian prosecutors began investigating Nexo in January 2023. As the investigation progressed, Nexo’s founders faced various charges related to financial and criminal offenses, including the formation of an organized criminal group involved in money laundering, tax fraud, and computer fraud.
However, the Bulgarian prosecutor’s office had to close the criminal case against Nexo in December of the previous year due to a lack of evidence supporting any criminal activity.