From the opposition, Fabio Righi urges the government on the 150 million arbitration. Foreign Secretary Beccari assures that the government has not made any proposals or made any commitments
From San Marino information (Tuesday 10 November) – The international arbitration initiated by Bulgarian investors against the Republic of San Marino, with a request for compensation that would be around 150 million euros, returns to the center of the political discussion in the Foreign Affairs Commission. The issue was raised by the councilor of Tomorrow Motus Liberi Fabio Righiwhich he asked the Secretary of State for Foreign Affairs Luca Beccari to clarify what stage the procedure is at and, above all, whether discussions are actually underway to resolve the dispute.
Righi recalled that, considering the communication of the start of the procedure on April 1st, the minimum period of six months envisaged before any access to arbitration would have expired on October 2nd. Approximately forty days later, the councilor asked to know the reasons why the arbitration phase has not yet been reached, hypothesizing that a negotiating table may have been opened. A possibility, he underlined, that the movement had already raised with a question presented in May 2026, receiving critical reactions at the time.
At the center of the requests for clarification are also what Righi defined as contradictory positions expressed by government representatives. In particular, the councilor recalled the statements of Secretary of State Gatti of 26 October, according to which no negotiations were underway, comparing them with what Beccari himself stated on 10 September, when he spoke of the attempt to reach an amicable settlement of the dispute.
“Who is negotiating? What are the topics and conditions on which we are discussing?”, asked Righi, asking if the discussion concerns the restitution of the bank, any recognition of liability or financial compensation. The councilor also recalled the various figures circulated in the public debate, from the 150 million initially requested to the 60 million, up to other hypotheses, underlining the relevance of the matter for public finances and recalling that the State has allocated two million euros for legal defence. “We cannot find ourselves faced with a request for compensation potentially capable of destabilizing public finances without having a clear picture of what is happening”, was essentially his request.
In his reply, Beccari first contested the approach of the previous council initiatives, judging them to be based on insufficiently verified information and presented at a delicate moment. The Secretary then reconstructed the functioning of the procedure provided for by the bilateral agreement for the protection of investments between San Marino and Bulgaria.
The so-called “dispute note” sent by the other party in fact opens a minimum period of six months, called the “cooling period”, during which the parties can seek an amicable settlement. This is, Beccari explained, a minimum term, which can be exceeded by several months. The passing of six months, therefore, does not automatically lead to the start of arbitration at the ICSID, nor does it demonstrate that an agreement has been reached or that economic negotiations are underway.
On the merits, Beccari reiterated the government’s position: “The State of San Marino has no elements of objective responsibility in this matter, much less with respect to the damages complained of by the other party”. The Secretary recalled that judicial matters are the responsibility of the judiciary, while the authorization process was the responsibility of the Central Bank, underlining that the government cannot interfere in the competences of independent bodies.
As for the rumors about possible agreements of 60, 50 or 30 million euros, Beccari was clear: “There are no negotiations of this kind. There is a dialogue between lawyers, which takes place in this phase of interlocution foreseen by the procedure”. The government, he added, has not made commitments or made economic proposals.
Finally, the Secretary assured his availability to inform the Council and the council groups on the developments of the matter, but through the venues and tools deemed appropriate, including confidential ones, to protect the confidentiality of the discussions. A distinction, that between legal dialogue and political or economic negotiation, with which Beccari wanted to respond to the doubts raised, reiterating that any news will be communicated in the appropriate forms.
