The associates and lawyers Ms. Tamara Kek, Mr. Miha Kunič and Mr. Jorg Sladič, who on behalf of the PanSlovenian Shareholders' Association (VZMD) represent over a thousand expropriated holders of subordinated bonds and shares of Slovenian banks before the EU Court in Luxembourg, have - in the process of preparing responses for the Constitutional Court of the Republic of Slovenia as to whether the European Commission's Banking Communication is indeed binding(?) and whether it actually invalidates provisions of other legal acts pertaining to investor rights  – tabled the motions to the EU Court to hold oral proceedings in regard to this case.

In the written opinions provided to the EU Court, the Bank of Slovenia (BS), State Attorney's Office and the National Assembly of the Republic of Slovenia have stated a number of blatant falsehoods about the supposed extent of catastrophic situation in Slovenian banks in December 2013 and which is why - only then and only in Slovenia - the Banking Communication of the European Commission was deemed binding, whereby the entire cancellation of all subordinated bonds in all banks recapitalized by the state was supposed to be the only possible interpretation of the Communication. Thus in the written opinion provided to the EU Court in April 2015, the BS outlined the macroeconomic situation in Slovenia in December 2013 using the assumptions, which had already been used for the cancellation for its justification that is "clarification" of the cancellation – therefore along with continuation and even additional deepening of recession – whereby BS "overlooked" that, at the time of writing the opinion, it had been clear for more than a year that the assumptions were utterly unrealistic. What is more - as early as on December 4, 2013, which is two weeks before the BS had ordered cancellation, on the website of Eurostat, an official statement that the quarterly GDP of Slovenia remained stable in the middle of 2013 was published (!

As if this had not sufficed for misleading the highest EU Court, in its written opinion, the BS also described the capital deficit of Slovenian banks during the fall of 2013 using highly unrealistic evaluations, whereby it "forgot" to mention that to make the evaluations it hired consulting companies which are not adhering to accounting standards and principles and had never before performed such tasks, and that the BS chose a "limited scope of information" which served as a basis for the consulting company to make the evaluations and provided - nevertheless for a fantastic fee (in excess of EUR 10 million) - even "clarifications" how they should be made ( The claims of the BS, that in December 2013, both the situation in Slovenian banks and the macroeconomic situation in Slovenia were supposedly extremely poor, were also uncritically taken as a naked fact also by the National Assembly of the Republic of Slovenia and the State Attorney's Office in the written opinion and thus "itself reinforced the viewpoint" that the specific situation in Slovenia in December 2013 called for a specific legal interpretation of the European Commission's Banking Communication.

Albeit it is formally and legally clear that the question as to whether the European Commission's communications are to be treated as binding EU legal acts, and the GDP data of an EU member state and the capital deficit of certain banks in the state - even if they were credible - totally irrelevant, simultaneously reiterates a fact that the EU Court was provided with the information by the three important institutions in the Republic of Slovenia, whereby each of them claimed to have formulated the viewpoint by themselves and in a professional manner. For this reason, in the motion for the oral proceedings the authorized persons of expropriated holders stress that - in case the EU Court decides to consider the claims of the institutions in its judgment - the oral proceedings is all the more necessary as it will enable the expropriated holders, amongst other things, to present the Court official documents clearly indicating that the real situation in the Slovenian economy and Slovenian banks was significantly better than the one, which was claimed to be during the cancellation/expropriation by the Government of the Republic of Slovenia, and which is being referred to in written opinions.

Other Related International Activities:


BRUSSELS – European Federation of Investors (BETTER FINANCE) presented the only(!) objective Report on the real return of pension savings funds – the PanSlovenian Investors' & Shareholders' Association (VZMD) also actively espousing reforms of the pension savings and funds systems in the EU

EUROPEAN COMMISSION officially bolstered the position of VZMD stating that its »Banking Communication« is not a legally binding act - the Bank of Slovenia and Slovenian financial authorities insist on the exact opposite and in fighting against their own citizens they disgrace themselves by trying to apologize for scandalous measures and fallacies

THE NATIONAL ASSEMBLY unanimously responded to the VZMD's rationale and appeal - significant cost reduction for all minority shareholders and investors (approximately 400,000 citizens) with the new amendment to the amending act of the Book Entry Securities Act

THE COALITION'S AMENDMENT to a large extent follows the VZMD proposals to alleviate the catastrophic impact of the amending act of ZNVP-1, however yesterday VZMD sent a constructive opinion and another appeal to the National Assembly to make slight additional efforts in reaching an optimal solution

ANOTHER 260,000 EXPROPRIATED – VZMD has attempted to alleviate the abolishment of registry accounts by amending the Book Entry Securities Act through the COMPROMISE AMENDMENT AND APPEAL to the National Assembly of the Republic of Slovenia

The District Court and the Higher Court officially acknowledge VZMD arguments concerning the unconstitutionality of expropriations, however the proceedings have been suspended until the final decision has been reached by the Constitutional Court of the Republic of Slovenia, which contacted the EU Court in Luxembourg - VZMD has provided written standpoints thereto after a world-class EU law expert joined the team

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 and 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)

Slovenian Constitutional Court acknowledges the legal interest of 293 initiators united by VZMD who demanded a constitutional review of the Banking Act (Ljubljana, January 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)

WORLD BANK – President of VZMD and EuroFinUse Board Member speaker of the first panel at the international conference about audit reform and the importance of audit committees (Bucharest, June 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 and, March 2013)

INDIA – visit of Slovenian government and business delegation – on the basis of Memorandum between ICPE and VZMD international investors' programs and 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 and (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 in 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) – More on the VZMD – PanSlovenian Shareholders' Association and – Over 300 videos from VZMD.TV and – More on the – Invest to Slovenia Program – More on the network of 55 national organizations of shareholders and investors –