It has been a year and a half since the beliefs and arguments of VZMD on unconstitutionality of expropriation of investors in Slovenian banks were also validated by the Ombudsman of the Republic of Slovenia and the National Council of the Republic of Slovenia - but in this year the unconstitutionality has started gaining on official recognition and approval by the courts. The position that the amended Banking Act (ZBan-1L) - which retroactively created the basis for and triggered expropriation - is in conflict with the Constitution of the Republic of Slovenia was officially taken by the District Court in Ljubljana as early as on January 30, 2015, and thereafter by the Higher Court in Ljubljana on March 13, 2015.
On account of its findings, the District Court in Ljubljana filed a request at the Constitutional Court of the Republic of Slovenia for a review of constitutionality of Articles 261.a, 261.b, 261.c, 261.d, 261.e, 347 and 350.a of ZBan-1, indicating that »it judges that the disputed legal provisions pose a disproportionate violation of private property and consequently the breach of Article 33 of the Constitution of the Republic of Slovenia«, and that »it shall not acknowledge the hypotheses of the Republic of Slovenia that it has fulfilled its contractual obligations «, and that »it substanitally supports the requests filed by the National Council and the Ombudsman as well as the initiatives by Tadej Kotnik from Ljubljana and others represented by Miha Kunič, the attorney«. The request was initially assigned the reference number U-I-15/15 at the Constitutional Court of the Republic of Slovenia, but at the court meeting on February 19, 2015 the request was attached to the case U-I-295/13 - Tadej Kotnik and others.
On account of its findings, the Higher Court in Ljubljana filed a request at the Constitutional Court of the Republic of Slovenia for a review of constitutionality of Articles 253, 253.a, 260.a, 261.a, 261.b, 261.c, 261.e and 262.a of ZBan-1 on March 13, 2015, stating that »they entail a severe violation of existing entitlements thus contradicting with the principles of legitimate expectations, which is why the court gives rise to doubts as to whether such drastic violation of private property is truly proportionate to the public benefit pursued by the measures« and that the »measures affect only the creditors and holders of financial instruments from which the bank's qualified liabilities result, whereas the all other creditors and the financial system have benefits thereof«. The request was assigned the reference number U-I-39/15, and it is also expected to be attached to the case U-I-295/13 at one of the future meetings – Tadej Kotnik and others.
The courts' acknowledgments of beliefs of VZMD and other expropriated persons concerning unconstitutionality of cancellation of their shares and bonds are nevertheless encouraging, however they also have its negative sides as the Constitutional Court of the Republic of Slovenia was left with the entire burden to reach a decision whereby the other courts have also suspended proceedings in which VZMD and other expropriated persons do not invoke neither the Banking Act nor the Constitution of the Republic of Slovenia, until the final decision has been reached by the Constitutional Court. This was also the case of the legal action with which VZMD and another individual expropriated person have been trying to prove voidness of entry of cancellations into the commercial register at the District Court in Ljubljana - the hearing as of April 15, 2015 ended within a few minutes by the judge stating that proceedings are suspended until the final decision of the Constitutional Court of the Republic of Slovenia on the constitutionality or unconstitutionality of the Banking Act has been reached, although all claimants' inferences rest solely on the provisions of the Corporations Act (ZGD).
While having such approach, all courts' decisions are becoming increasingly dependent on the final decision of the Constitutional Court of the Republic of Slovenia, and the decision of this Court on the answer to its questions raised at the EU Court in Luxembourg, on November 6, 2014, VZMD decided to take part in the proceedings before the EU Court presenting its standpoints of the case in writing and drafting the standpoints at the highest professional level. For this reason, VZMD invited a world-class expert in EU law to help prepare written standpoints and to defend them together with the attorney Kunič during the oral hearing in Luxembourg, should the EU court schedule one in the course of the proceedings.
Other Related International Activities:
ATTENTION - unveiling evidence against the unlawfulness of Slovenian banks valuations and the overblown "bank gap" as a foundation for billion euro damage to the state and its citizens, based on unlawful actions by Bank of Slovenia and its Emergency measures decisions
Is the European Commission attempting to obstruct the investigation and protect the responsible persons?! The unprecedented provocation opens plethora of grave issues about processes, structure and perspectives of the EU -
»PLUNDER OF THE CENTURY« - VIDEO CONFRONTATION & disclosure of misleading statements of the Bank of Slovenia, the previous Slovenian government and other protagonists of the highly questionable 2013 bank restructuring, involving mass expropriation of citizens
EU PARLIAMENT & COUNCIL – VZMD contended with the progress & results of harmonization of the Proposed directive for encouraging long-term shareholder engagement, but warns of completely different practices as well as catastrophic repercussions of the Slovenian proposed amendment to the Book Entries Securities Act which is linked to the same Directive
CONSTITUTIONAL COURT - VZMD also lodged a proposal for the temporary decree for PROHIBITING THE SALE OF Nova KBM bank - to prevent direct damage to the Republic of Slovenia and its citizens
BANK OF SLOVENIA – »a year later« with a new secret resolution continues the destructive policy, on the basis of an already stipulated »calculation« of negative capital - the deletion of all subordinated bonds and stocks, also in Slovenia's sixth bank
STRESS TESTS – new and obvious proof of the extremely unequal adjudication of Slovenian banks – are they guilty in Brussels or Ljubljana, and what are their motives? The PanSlovenian Shareholders' Association (VZMD) has called on the Bank of Slovenia (BA) and the European Central Bank (ECB) to explain, why only in Slovenia are we left to use »static« and extremely pessimistic assumptions, while in other countries and banks of the EU fresh data and »dynamic« valuations are used and even allow for
WARSAW - the evening award ceremony, the second day of the »Warsaw Capital Market Summit 2014« international conference and beginning of the conference organized by International Monetary Fund and National Bank of Poland with active participation of VZMD through investo.si and invest-to.net programs (Warsaw, October 2014)
BANK OF SLOVENIA / NLB - unprecedented deceit of renowned international financial companies and investors - VZMD informed them of concealed facts, in its endeavor of protecting investors, and called for inacting supervision, proper sanctions of those responsible, alleviation of consequences, and thus preservation of the remaining reputation of the Republic of Slovenia (Ljubljana, September 2014)
NEW YORK – VZMD President invited to be a guest-speaker at the Annual Conference of the International Financial Litigation Network (IFLN) yesterday – shortly after a successful business delegation in Iran, he also participated in a discussion in the world's financial centre with some distinguished international lawyers and representatives from key law offices regarding the scandalous expropriation of the owners of shares and bonds at Slovenian banks - an alarming case indicating problems in the (New York, May 2014)
EUROPEAN COMMISSION – a reminder to the EU Commission President J.M. Barroso about the unequal treatment of Slovenia, and about the endangered financial, economic and social stability accompanying scandalous expropriation of share and bond owners at Slovenian Banks – a letter of the Civil Society Initiative and NKBM Section at VZMD to the EU Commission President is soon to be presented in the European Parliament as well (Brussels, March 2014)
EXPROPRIATION – VZMD has filed three more lawsuits, this time against the banks, because the entry of subordinated bonds and shares termination in the register has been established as null – further use of all legal remedies to protect the expropriated owners, the signatories to the VZMD Agreement, and granting authority to the law office (Ljubljana, February 2013)
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