The Pan-Slovenian Shareholders' Association (VZMD), has filed three lawsuits through law office on Friday, January 17. The three lawsuits were filed against the banks at the District Courts in Ljubljana and Maribor, and they were filed in the name of 349 owners. By filing these three lawsuits VZMD has requested that the two District Courts declare the nullity of the simplified reduction and simultaneous increase of the banks' nominal capital, by which all the owners of subordinated bonds and shares of these banks have been expropriated. At this moment VZMD cannot yet reveal details of the lawsuit strategies and legal bases for them, but they have been formed as a result of cooperation between VZMD expert assistants and top experts in the field of register law.
Act amending Banking Act (ZBan-1L), which was – in spite of the official negative opinions of some acclaimed legal experts and the veto of the National Council of the Republic of Slovenia – for the second time approved by the National Assembly of the Republic of Slovenia, literally prohibits the expropriated subordinated bank creditors from suing the debtor banks because of their expropriation. This is in striking contrast with provisions regarding bond prospectuses which define such lawsuits as basic legal remedies in case prospectus provisions have been violated, therefore the authors of Act amending Banking Act (ZBan-1L) have added to it a paragraph which declares all such prospectus provisions void. Legal protection of the bank subordinated creditors has thus practically ceased to exist.
The constitutional principle which says that everyone has the constitutional right to a legal remedy has thus been very obviously and radically violated. Therefore the ZBan-1L authors have tried to conceal this violation by introducing a provision which says that it is possible to bring a lawsuit against the Bank of Slovenia, but the lawsuit is to be filed by a bank itself. It is absurd because (even if we disregard the fact that members of a bank's Management Board are appointed by The Bank of Slovenia, which can also remove them from their post at any time) the cancellation of a bank's subordinated debt means that a bank benefits from it and it is not at a loss, therefore a Court is not supposed to approve a legal interest for a lawsuit against this cancellation.
Other Related International Activities:
CONSTITUTIONAL COURT acknowledged the legal interest of 290 initiators, united by VZMD who demanded constitutional review of the Banking Act; the Court has given priority to the two VZMD initiatives but suspension of the Act was rejected, due to misleading statements by the Government and the Bank of Slovenia - shares and subordinated bonds of 100.000 owners had been erased in the three biggest Slovenian banks! (Ljubljana, December 2013)
EXCLUSIVE VIDEO REPORT about the week of the MOSCOW-VIENNA-CAPETOWN conferences involving the following: active participation of the international business-investment VZMD programmes, signing a memorandum with the Russian Federation of Investors, and protection of rights of the Slovene and European shareholders at the Viennese conference »The Financial Repression of Savers and Investors« (Moscow, Vienna, Cape Town, October 2013)
NKBM = BANKIA – mass protests take place in front of The Central Bank of Spain (CBS) because of national fraud against 350,000 shareholders who are represented by the law firm that is attending, along with VZMD (Pan−Slovenian Shareholders’ Association), the international initiative at CBS. (Madrid, September 2013)
VIDEO REPORT – exclusively from the European Parliament: the EuroFinUse international conference and the Election Assembly, the announcement of the new President and Board of directors of this influential European association, into which a representative of Slovenia is also re-elected (Brussels, March 2013)
BRUSSELS – Slovenia with VZMD once more elected to the top of the European Federation of Financial Services Users – intensive international activities today continue with a conference in the European Parliament (Brussels, March 2013)
TOKYO – conclusion of the visit of Slovene economic and political delegation with Slovenian-Japanese Business & Investment Forum and the reception at Japanese investors’ association – the active role of VZMD with its international investors’ programs investo.si and invest-to.net(Tokyo, March 2013)
INDIA – visit of Slovenian government and business delegation – on the basis of Memorandum between ICPE and VZMD international investors' programs investo.si and invest-to.net also present (New Delhi, February 2013)
Memorandum of cooperation signed between the International Center for Promotion of Enterprises (ICPE) and VZMD, with additional expansion of activities within the framework of international investment programs investo.si and invest-to.net (Ljubljana, January, 2013)
EXCLUSIVE VIDEO REPORT of “International Conference on Benefits and Challenges of Public Private Partnerships for improving Energy Efficiency” – key statements of prominent participants (Ljubljana, October, 2012)
EXCLUSIVE VIDEO REPORT from EuropeanIssuers International Conference on »The future of European Equity Markets« at the Milan Stock Exchange – programs investo.si in invest-to.net also at the upcoming International Investors´ Conference in Wiesbaden (Milano, November 2012)
VIDEO REPORT - International Conference at the Brussels Stock Exchange Stimulated Investors' Representatives and Institutions to Participate at the Investors' Week 2012 in September in Slovenia(Brussels, March 2012)
www.vzmd.si – More on the VZMD – PanSlovenian Shareholders' Association