Times of Malta wins final court battle in Bulgaria over Satabank reporting
Supreme Court says Times of Malta exercised due diligence in verifying information before publication
Bulgaria’s Supreme Court of Cassation has refused to reopen a SLAPP defamation case filed by the co-owner of the shuttered Satabank against Times of Malta.
Bulgaria's highest court upheld earlier rulings rejecting Hristo Georgiev's claim against Allied Newspapers Limited over a January 2019 article titled 'Billions of euros in transactions at Satabank deemed highly suspicious'.
The article had reported concerns about suspicious transactions and referred to Georgiev as the bank’s co-owner who had previously operated an e-money business in Luxembourg and had been the subject of international investigations into alleged violations.
Georgiev sued Allied Newspapers in Bulgaria, claiming the article was defamatory and seeking €20,000 in damages.
The Supreme Court of Cassation, however, held that the reporting was based on factual information, noting that the Maltese authorities had indeed investigated Satabank and that the European Central Bank revoked the bank’s licence in 2020 following a recommendation by the Malta Financial Services Authority.
It concluded that the article did not contain defamatory allegations or insults directed at Georgiev.
Judges found that references to investigations into alleged violations did not amount to accusations of criminal conduct or “disgraceful circumstances”.
The court further noted that the article did not link Georgiev personally to money laundering cases and that Times of Malta had exercised due diligence in verifying the information before publication.
Georgiev filed the proceedings in Bulgaria despite the article having been published in Malta by a Maltese news organisation. In July 2024, a Bulgarian court dismissed the initial claim, with the Sofia City Court later confirming that decision on appeal. Georgiev then sought to challenge the ruling before the Supreme Court of Cassation.
The SLAPP case sparked protests by media freedom organisations about the use of foreign court proceedings against a Maltese media organisation.
The latest ruling means the Bulgarian courts’ rejection of the claim is now final.
The court also ordered Georgiev to pay Allied Newspapers €3,000 in legal costs.
Allied Newsapapers Ltd was represented in Malta by lawyer Paul Micallef Grimaud.