EditBulgarian investor publishes full judicial files to counter “total secrecy” in San Marino “bank heist”
Assen Christov turns transparency into a weapon, exposing what he calls a “cricca” behind the €15 million freeze as San Marino’s EU association bid faces growing scrutiny
In a bold escalation of his transparency campaign, Bulgarian investor Assen Christov has launched “SanMarinoDisclosure.com”, a dedicated public website that makes all judicial documents, court decisions, expert reports and Starcom’s responses available for anyone to read. The move comes exactly four months after EUalive.net first revealed the “San Marino bank heist” – the freezing of €15 million belonging to Starcom Holding AD following the failed acquisition of a 51% stake in Banca di San Marino (BSM).
Christov, who has consistently refused to back down, frames the site as a direct answer to what he describes as “total secrecy” imposed by San Marino’s judicial and financial authorities.
“When the system hides the truth, the only defence is to make every document public,” he told EUalive.net.
The website already contains the full AIF report by Nicola Muccioli, the appellate ruling by Judge David Brunelli that dismantled the so-called “parallel plan” conspiracy charges, Starcom’s open letters to San Marino media and the Council of Europe, and the latest decisions ordering the release of arrested individuals.
The saga began in November 2025 when EUalive.net exposed how Starcom’s €36.7 million offer – €16.7 million for equity plus €20 million capital injection – was approved by BSM’s owners (Ente Cassa di Faetano) and the bank’s own board and shareholders, only to be rejected by the Central Bank in October. Funds deposited in a BSM account via San Marino Group S.p.A. were frozen, triggering criminal proceedings for “private corruption” and “breach of trust.” Starcom has always maintained the operation was fully transparent, with all documents and fund origins disclosed to regulators.
Throughout the dispute, Christov’s strategy has been the opposite of San Marino’s: relentless openness. While local authorities have refused to release full justifications for the freeze or correct alleged inaccuracies in the AIF report (despite rebuttals from Varengold Bank AG), Starcom has published every letter, every court filing and every expert analysis. The new website takes this approach to its logical conclusion – turning the investor’s defence into a public archive.
Recent developments have strengthened Christov’s position. On 27 February, Appellate Judge David Brunelli rejected the “parallel plan” accusations, annulling arrest warrants and ordering releases. Brunelli described the alleged conspiracy as consisting of “deplorable and reckless intentions” and “emphatic tones” rather than concrete criminal acts, noting that many elements were based on outdated fascist-era provisions still present in San Marino’s penal code. The ruling was a major vindication for Starcom, which had called the charges a “construction elaborated by a group of individuals” opposed to EU association.
San Marino’s opposition parties have seized the moment. On 10 March, RETE, RF, DML and DEMOS held a joint press conference demanding urgent approval of a parliamentary inquiry commission into the “papocchio bulgaro.” They criticised the government’s lack of transparency and called for public hearings on the handling of the BSM sale and the judicial response.
Christov has repeatedly described a small “cricca” – a clique of influential figures – allegedly exploiting the country’s small size and legal ambiguities to protect personal and institutional interests at the expense of European standards. In his 6 March open letter published by GiornaleSM, he named consultants, central bank officials, the AIF director (and MONEYVAL chair) Nicola Muccioli, and several magistrates as having exercised their functions in ways that harmed Starcom’s legitimate interests.
The timing is politically explosive. San Marino is finalising its Association Agreement with the EU, which promises access to the single market in exchange for full alignment with European values – including rule of law and transparency. Bulgarian diplomats and MEPs have already warned that unresolved investor disputes could delay ratification. Christov’s new website adds concrete pressure: any EU parliamentarian or diplomat can now read the primary documents themselves.
By choosing full disclosure over silence, Starcom has turned the tables. What began as a commercial investment dispute has become a test case for whether a small European micro-state can meet the standards required for closer EU integration. As Christov puts it: “We are not fighting San Marino – we are fighting the secrecy that prevents it from becoming a true European partner.”
Christov: We are not against the country San Marino, we are against the Cricca*
The website sanmarinodisclosure.com is now live and will be updated with every new judicial development. EUalive.net will continue to follow the case as it moves from the shadows into the open.
Caption: According to @theepicmap San Marino is one of the best places in Europe to visit.
Updated: March 19, 2026 - 09:36
