EditBulgarian MEPs send signal to San Marino to solve conflict with investor
The collective stance of the national lawmakers signals deep reservations, setting the stage for what could become a difficult ratification
The European Parliament today approved an interim report supporting the Association Agreement with Andorra and San Marino, securing a majority of 552 votes in favour, 25 against, and 75 abstentions.
The non-binding resolution is a procedural step for the microstates toward closer integration into the EU single market, promising reciprocal access to freedoms in goods, services, capital, and persons while requiring alignment with key EU rules on competition, consumer protection, and the environment.
However, a notable pattern emerged: all Bulgarian MEPs abstained or voted against, according to an agreed position. This collective stance signals deep reservations within the Bulgarian delegation, setting the stage for what could become a difficult ratification process in the Council of the EU, where unanimity among member states will be required.
The background to this position is an increasingly bitter dispute in San Marino involving a Bulgarian investor, Starcom Holding JSC, and the failed acquisition of Banca di San Marino (BSM). In 2025, Starcom’s subsidiary San Marino Group S.p.A. transferred €15 million as a deposit for a €38.75 million deal to acquire a 51% stake in BSM from Ente Cassa di Faetano (ECF). The funds were seized preventively in November 2025 amid allegations of money laundering, private corruption, and illicit origins linked to fraud and terrorism financing.
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The Bulgarian investor claims that the all relevant documentation demonstrating the legitimate origin and purpose of the funds was submitted to the supervisory and regulatory authorities well in advance and on time, but “certain less-than-transparent circles within San Marino” allowed this project to transform from one of the largest investments in the Republic into one of the largest seizures of funds owned by an EU-based investor, in a manner that is in no way consistent with EU law.
The case escalated dramatically on 6 February, when the San Marino Tribunal issued a 40-page decree expanding charges to include “attack against territorial integrity” and “threats against authority.” The investigation alleges a coordinated “parallel plan” to pressure institutions through media campaigns, political lobbying, and attempts to discredit the judiciary, with unnamed defendants accused of undermining the Republic during a sensitive EU association phase.
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Further, San Marino’s Congress of State announced on 11 February its decision to constitute itself as a civil party in the proceedings, alongside the Parliament. The move aims to protect public interest and constitutional order, with the government describing the alleged plot as of “unprecedented gravity” and threatening national stability. Enhanced security measures have reportedly been implemented, and officials have urged restraint to avoid media interference that could compromise the investigation.
Starcom Holding issued a strongly worded press statement on the same day, republished in San Marino media, pointing out at internal problems of the microstate’s judiciary system seen as incompatible with EU standards. The company stressed its 30-year record of compliant acquisitions across Europe, denied any political involvement, and insisted on full transparency and cooperation with authorities. “We have nothing to hide,” the statement declared, calling for a “swift, fair, and fact-based resolution” to revive the €38 million investment. Starcom highlighted the legitimate commercial purpose of the funds and reserved all legal rights to protect its interests.
This escalating confrontation is likely to complicate the Association Agreement’s ratification. While the European Parliament’s approval is advisory, the Council must adopt the decision unanimously, and mixed elements of the agreement require ratification by member states. Bulgaria, holding veto power as an EU member, has already signalled intent to condition or delay progress, citing governance and transparency concerns in San Marino.
Caption: The vote result. Reportedly all Bulgarian MEPs abstained or voted against. [EUalive]
Updated: February 11, 2026 - 14:49
