The VZMD (PanSlovenian Investors' & Shareholders' Association) warns that one year after the European Court of Justice in Luxembourg had issued the ruling and two months past the deadline, by which the authorities and the legislators were bound to eliminate the unconstitutional restriction of rights to effective judicial relief of wiped out investors in Slovenian banks, there is simply no indication that this would occur within a reasonable time. Why do the authorities in the Republic of Slovenia keep dragging their feet? Are they really planning on shifting the burden of the defendant to the Republic of Slovenia and thus additionally encumbering all citizens and compelling the entire system of government to defend the illegal actions of the responsible persons at the Bank of Slovenia?!

More than two months ago, on May 15, 2017 to be precise, the deadline expired, by which the National Assembly of the Republic of Slovenia, pursuant to the order of the Constitutional Court (U-I-295/13-260, dated October 19, 2016), was supposed to eliminate the unconstitutionality of Article 350.a of the previous Banking Act (ZBan-1), which deprived the wiped out holders of shares and bonds of Slovenian banks of the constitutional right to the effective judicial relief (VIDEO:

“The VZMD warned about the unconstitutionality of the bill on amending ZBan-1 as early as November 2013. Ever since a month after the disputable act triggered unconstitutional expropriations and wipe-outs respectively, we - through our keen application of all permissible legal remedies and raising awareness of the local and international, professional and general public - have certainly been one of the most creditable partners in the efforts that the most substantial damage to the investors in the independent Slovenia, and at the same time of all the citizens and the Republic of Slovenia as such, is not left unconcluded (VIDEO: For that reason, with increasing concern we have kept our eye on the two-month 'delay' in preparation and adoption of the act which is supposed to eliminate the established unconstitutionality (Act on Judicial Relief Granted to Holders of Qualified Bank Credit- ZPSVIKOB) and indirectly finally provide the aggrieved investors - more than three years and a half after the expropriations(!) - with an effective legal remedy", warns the VZMD President, Mr. Kristjan Verbič, in regard to the outrageous arrogance of the authorities. The VZMD President has been exposing the non-acceptable practice of intentional delays over and over again in direct meetings with the most important representatives of the authorities and he has also been pointing out the Bill on Regulating the Status of Expropriated Investors in Slovenian Banks, which has been presented by the VZMD exactly one year ago, immediately after the ruling of the European Court of Justice in Luxembourg (VIDEO:  

Since the ZPSVIKOB bill has not even been addressed by the government, let alone the parliament - because in the "Republic" of Slovenia, the DEADLINES ONLY APPLY TO THE CITIZENS, THE AUTHORITES DO NOT CARE ONE WHIT ABOUT THEM, says the VZMD - it seems that this year will go by before the act has been adopted. All this time, the courts have suspended the hearings for all the already filed lawsuits against the Bank of Slovenia and the commercial banks, which have been brought by the VZMD with the law firms Jereb and Miro Senica and Attorneys back in December 2016 (VIDEO:, with no legal cause whatsoever, as if there was an act banning the bringing of actions for damages against the Bank of Slovenia and the commercial banks! 

Since the wipe-out of shares and bonds in six Slovenian banks has not been the first example of expropriations in Slovenia, neither is this the first time that the basis and the amount of the claim for damages were required to be established in the legal proceedings, and despite the general legislative framework applicable to all of the above, the VZMD is publicly asking who is exerting pressure on the Republic of Slovenia to delay the ZPSVIKOB? Furthermore, the VZMD is publicly asking why the comments on the initial bill, which was received by the Ministry of Finance in spring this year during the public hearing, are not public - even though, besides the VZMD (VIDEO:, they were also given by the institutional investors, the Ljubljana District Court and the Supreme Court?! And last but not least, why the bill, which was outlined after the hearing of the received opinions, is also not made public? Doesn’t this bill, although it has been inherently a public legal act, contain "bank secrecy" which may be made available only to the chosen ones, or "confidential information" which may jeopardize the "stability of the financial system"?! Will the hiding of this bill before the professional and general public and even before the expropriated persons - like the hiding of decisions on wipe-out and the infamous "non-standard" assessments of the bank assets with which those wipe-outs were justified in the past - once again be "explained" along the lines that it cannot be disclosed due to the "exceptional sensitivity of the issue"?! Is or will it then be published (or made secret for that matter) in the ‘secret’ official journal?! 

"Any process 'innovations' incorporated in the ZPSVIKOB instead of proven process solutions from existing acts can only be detrimental to the legal certainty and would pose another violation of the constitutional rights of the expropriated citizens, which is why it will be necessary to lodge an initiative for the constitutional review of the ZPSVIKOB, which the VZMD will do in this case", assured Mr. Verbič indignantly and added, "that the Republic of Slovenia together with its citizens-taxpayers was most affected by the wipe-out. The Republic of Slovenia has been, directly and indirectly (through Slovenian Sovereign Holding, Kapitalska družba, d.d., other public authorities and majority state-owned corporations), by far the largest shareholder in all of the three state-owned banks where the wipe-outs occurred, and has given the largest contribution to close the “gaps" and has paid significantly too much, because - even according to the official findings by the National Bureau of Investigation - the "gaps" were significantly and purposefully overblown! Will the Republic of Slovenia or its ruling authorities finally undertake something to compensate for all this damage to the taxpayers’ resources in the state budget?! The VZMD will closely monitor whether the responsible government officials and majority state-owned corporations will exercise the right to judicial relief ensured by the ZPSVIKOB - whether they will join other aggrieved parties when filing lawsuits and thus seek the compensation for damages suffered by the Republic of Slovenia through wipe-outs, or will they keep abetting the irresponsible officials who planned, directed and executed the emergency measures."


Other Related International Activities:

INSTANT DISMISSAL OF GOVERNOR! - reaffirmation of VZMD's shocking analyses and statements in regard to the billion-euro "Plunder of the century" during the bank "restructuring" and direct responsibility of the National bank of Slovenia executives for enormous damages to the citizens and the Republic of Slovenia

EXCLUSIVE VIDEO REPORT from the meeting of the Committee of the Slovenian National Council which unanimously took VZMD’s side after facing off with the Securities Market Agency (ATVP) and the Ministry of Finance regarding the disputable Article 25 of the amending act to the Financial Instruments Act

European Federation of Investors sent out an open letter to members of the National Assembly and the Prime Minister as well as responsible persons at the European Commission - warnings and explicit support for VZMD and the “Share SUPPORT” in opposition to the government’s proposal of the amending act to Financial Instruments Act

BRUSSELS – after the Executive Board meeting, also the European Federation of Investors and Financial Services Users staunchly stood up for the Share SUPPORT and VZMD - a letter to members of the National Assembly and Prime Minister of the Republic of Slovenia as well as responsible persons at the European Commission

NATIONAL ASSEMBLY – VZMD’s serious warnings regarding the Government’s proposal to amendment the Financial Instruments Market Act exclusively aimed at destructing the »Share SUPPORT« based on unrelenting pressures and narrow interests of the financial industry together with Securities Market Agency

Urgent notice for the general public about the Slovenian Securities Market Agency (ATVP) and the manner in which it is managed by Mr. Miloš Čas, and before law amendments passed solely to abolish the “Share SUPPORT” at VZMD and options to preserve the investments of minority shareholders

EUROPEAN BANKING AUTHORITY - uniquely radical expropriations in Slovenian banks presented as an excess without comparison at the EBA meeting in London

THE NATIONAL ASSEMBLY OF THE REPUBLIC OF SLOVENIA – The president, Mr. Brglez, received Mr. Verbič, listened to the VZMD proposals and standpoints, and expressed willingness to constructively settle the open issues in the context of the recent decision of the Constitutional Court of the Republic of Slovenia

After 1,045 days, the CONSTITUTIONAL COURT agrees with the VZMD that the Banking Act is unconstitutionally encroaching upon an efficient judicial protection, and orders the National Assembly to systemically address this unconstitutionality

Vice-President of the European Commission with the VZMD President on the letter putting pressure on the Prime Minister of the Republic of Slovenia as well as on the happenings at the Bank of Slovenia and the expropriations of Slovenian investors

BRUSSELS – Share SUPPORT receives great interest at the meeting of the European Federation of Investors and Financial Services Users

PARIS – at the yesterday's meeting of the European Securities and Market Authority (ESMA), Mr. Verbič also on the initiative to establish an institute of the European Economic Ombudsman, and on the questionable actions of the Slovenian regulator ATVP

ANOTHER POORLY FORETHOUGHT NATIONALIZATION – a new amending act of Book Entry Securities Act to introduce another state controller, additional “debauchery” of Takeovers Act and unequal treatment of all other shareholders in Slovenia – VZMD: forsaken shares should belong to their issuers

EXCLUSIVE VIDEO INTERVIEW with the Managing director of the European Federation of Investors & Financial Services Users

European Court of Justice in Luxembourg has ruled in favor of investors expropriated during the nationalization of six Slovenian banks in 2013

EUROPEAN CENTRAL BANK - official letter by the Slovenian MEP about serious issues regarding the unjustified calculations on which the expropriations and nationalization of all Slovenian systemic banks were based - again no actual answer! – Do the Slovenian authorities really only react to referendum initiatives?! - Due to complete disregard by the Government of the Republic of Slovenia, the VZMD is forced to continue the internationalization of the unique(!) bail-in restructuring of Slovenian banks together with mass expropriation and enormous damage to all taxpayers

THE SUPREME COURT - the highest ordinary court of law in Slovenia also bolstered the position of the VZMD: the law with which the self-proclaimed "domestic troika" nationalized as many as six of our banks is unconstitutional!

CALL FOR IMMEDIATE ACTION due to alarming advertising by financial intermediaries and detrimental effects of abolishing registry accounts which could lead to disappearance of 200,000 small investors and bring about catastrophic consequences for the issuers (public limited companies) and the entire capital market – in view of the disregard of the Government and financial authorities in the Republic of Slovenia, the VZMD is compelled to point out to the burning issues of the bail-in restructuring of Slovenian banks along with the expropriation of shareholders and bondholders through international media

LUXEMBOURG - The reasoned opinion published today by the Advocate-General of the European Court of Justice reaffirm the arguments made by VZMD and the expropriated investors

EU Commission & Slovenian Government - European warnings due to detrimental consequences of expropriation and a call to resolve the untenable situation as soon as possible

BANKIA – a success of Spanish minority shareholders encourages also the expropriated share and bond owners in Slovenia – invitation to obtain compensation

PARIS – the highest representatives of European investors' associations were very interested in hearing the in-depth presentation by Mr. Kotnik and Mr. Verbič regarding the 'bail-in' procedures in the EU, and were extremely surprised by the unique and radical, downright disastrous violations and expropriations in the Republic of Slovenia

PARIS – in the General meeting of the European Federation of Investors, Mr. Kotnik and Mr. Verbič acquainted prominent international participants with the scandalous expropriation of shareholders and bondholders of Slovenian banks, activities and endeavors of the VZMD - PanSlovenian Investors' & Shareholders' Association

LUXEMBOURG – on Tuesday it was the first time for Slovenia to stand before the Grand Chamber of the European Court of Justice due to the expropriation of shareholders and bondholders of Slovenian banks

Slovenian EUR 264 million to pay off investors in shares and bonds of Greek banks as well – Slovenian authorities continue to thumb their nose at expropriated investors in Slovenian banks and their own taxpayers - BUT FOR HOW LONG!?!

EU COURT - prior to the pending public hearing in Luxembourg, new shocking facts have come out in regard to the background of the (dual) plunder of holders of shares and bonds of Slovenian banks and at the same time the plunder of all Slovenian taxpayers which rampantly keeps going on!

Slovenian EUR 264 million to pay off investors in shares and bonds of Greek banks as well – Slovenian authorities continue to thumb their nose at expropriated investors in Slovenian banks and their own taxpayers - BUT FOR HOW LONG!?!

EU COURT in Luxembourg should hold oral proceedings in the process of preparing responses for the Constitutional Court of the Republic of Slovenia - the motion of expropriated holders of subordinated bonds and shares of Slovenian Banks represented by VZMD put forward

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 65 national organizations of shareholders and investors –