Bulgarian group Eurohold, which operates the Euroins insurance group with a subsidiary in Romania, will sue the Romanian Financial Supervisory Authority (ASF) on the grounds that the revocation of the Euroins authorization was carried out in violation of the Romanian and European Union legislation, announced Assen Christov, the group's president.

Eurohold will seek damages of almost EUR 500 mln, he stressed: EUR 270 mln for the value of the investment made by the Eurohold group in Euroins Romania plus EUR 230 mln for the losses caused to the company following the withdrawal of the operating authorization.

He, however, said that his company is ready “to forget this unpleasant story” if ASF gives Euroins back the authorization, Profit.ro reported.

Eurohold will send a presentation on the current situation of Euroins Romania to several Romanian authorities (Presidency, Government, Senate, Chamber of Deputies, Ministry of Public Finance and ASF) and EIOPA, the Financial Supervisory Committee of Bulgaria, the European Parliament and the European Commission.

iulian@romania-insider.com

(Photo source: Euroins Romania)