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.

The expropriated bondholders and shareholders of banks who would like to become a part of multiple proceedings under the auspices of VZMD, should contact us at the telephone number +386 51 770 771 or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. .

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