EditSan Marino court revokes seizure in Bulgarian “Bank Heist” case – but only partial funds released so far
This partial release has not satisfied the investor’s side, which continues to describe the episode as a “bank heist”
A San Marino court has formally revoked the preventive seizure of funds linked to Bulgarian investor Asen Christov and his company San Marino Group S.p.A., ordering their return in a case tied to the long-running dispute over a failed attempt to acquire a stake in Banca di San Marino (BSM).
The decision, issued on 29 June by the Court’s Investigating Judge and seen by EUalive, ends the seizure originally imposed on 9 November 2025. However, according to sources close to the investor, only a portion of the approximately €15 million has so far been released – roughly €8.5 million – with the remainder reportedly withheld by BSM as a guarantee against potential future claims and as an advance payment to the foundation owning the bank.
What the court ruled
The court basically recognises that “given the initial body of circumstantial evidence, at the current state of the case it is not possible to establish a certain link between the alleged constituent offences referred to in the preventive seizure order of 9 November 2025 and the seized funds”.
The court therefore “orders the immediate return of the funds by the competent inter-ministerial group, within the framework of ongoing confiscation proceedings”.
The ruling however does not acquit anyone or close the broader investigation. Nine defendants have already been sent to trial on charges including private corruption, money laundering, and unfaithful administration.
Discrepancy over the amounts returned
San Marino media quickly framed the decision as a major deflation of the “Bulgarian case,” suggesting it clears the way for improved relations with Sofia and potentially removes a key obstacle to San Marino’s EU association ambitions. One outlet described the matter as shrinking “from a major fire to a small flame.”
However, the Bulgarian side sees things differently. While approximately €8.5 million was reportedly transferred back to San Marino Group S.p.A. shortly after the ruling, the investor maintains that the full amount has not been restored. Reportedly, €5.5 million remains withheld by BSM as security against possible future claims, and €1.5 million was treated as an advance to the foundation that owns the bank.
EUalive has learned that this partial release has not satisfied the investor’s side, which continues to describe the episode as a “bank heist” in which committed funds effectively disappeared after the deal collapsed.
Background: the failed BSM acquisition
The saga began in 2025 when Christov’s Starcom group made a substantial offer to acquire a controlling stake in Banca di San Marino from Ente Cassa di Faetano. Funds were transferred as part of the process, but the transaction was blocked, the funds were frozen amid suspicions of money laundering, and the deal collapsed. Christov has consistently maintained that the seizure was unjustified and politically motivated.
In April 2026, Starcom and Christov formally initiated international arbitration proceedings against San Marino under the Bulgaria–San Marino bilateral investment treaty, claiming damages of around €150 million.
Implications for San Marino’s EU aspirations
Bulgaria has used the case as a reason to withhold support for San Marino’s EU association agreement, citing concerns over rule of law, investor protection, and the treatment of foreign capital. The dispute has been described in Bulgarian and international coverage as a significant stumbling block, also affecting Andorra’s EU association.
The court’s decision to lift the seizure removes one of the most visible symbols of the conflict and has been welcomed in San Marino as opening “new scenarios of hope.” Whether it is enough to persuade Bulgaria to lift its reservations – especially while only a portion of the funds has been returned and the broader trial continues – remains to be seen.
What next?
It is still unclear whether Christov and Starcom will pursue additional legal avenues beyond the already-filed investment treaty claim, or whether they will accept the partial release as a partial victory while the main trial proceeds.
For San Marino, the case has highlighted the need to address internal governance and transparency issues, as noted even in local commentary. For Bulgaria, the question is whether the lifting of the seizure is sufficient to change its stance on San Marino’s EU path.
Caption: A view of San Marino [@TurismoItaliaNw on X]
Updated: July 14, 2026 - 12:56
