At the VZMD, they hope for a well-supported discussion about the candidates, who hopefully will not go down the same arrogant and sneaky path as their predecessor, and expect that these candidates, who are applying for a very crucial function, and should therefore enjoy broader public confidence and support, are able to express their opinion about relevant burning issues. At the VZMD they took the deliberate decision not to seek out promises aimed at providing financial redemption for injustices suffered by individual investors, minority shareholders/bond-owners, which were made by the unilateral criminal expropriation at Slovene banks. Instead, they want to focus on managerial practices, which should be deemed as absolutely unacceptable regardless of the (il)legality of the bail-in haircuts and expropriations.

1. Is the Bank of Slovenia superior and immune to all national authorities in the Republic of Slovenia, also with regard to documents which are not documents pertaining to the European Central Bank or the Eurosystem?

In the Case U-I_285/13 (Kotnik et al) the Constitutional Court inter alia decided that the Bank of Slovenia should adopt emergency measures to enable expropriated persons the right to access the documents relating to the cancellation, which were in its possession, including AQR and HOLV valuations. VZMD’s associate Mr. Peter Glavič received confirmation from the European Central Bank (ECB) that they are not in possession of these valuations, which means that the latter are not a part of the ECB archive, which is considered untouchable. Equally, the European Court of Justice stated with regard to Case no. C-15/16 that “all information contained in the file of the Financial Supervisory Authority is not necessarily confidential ”and that “ in principle, information, which might be considered trade secrets, lose their confidential nature after five or more years.” 

Considering this, will you, in case you become Governor, terminate the criminal sneaky practice of the Bank of Slovenia and disclose the valuations, based on which cancellation of more than 100,000 individual investors in Slovene banks were carried out, since this is an obligation of the Bank of Slovenia according to the Constitutional Court Order and the Order from the European Court of Justice (at the end of 2018 five years will have passed since the valuation and cancellations), and in view of the fact that there are no obstacles on the part of the ECB, since these are not ECB documents?

2. What is the required level of integrity for the person holding the position of the Head of the Legal Department at the Bank of Slovenia?

Can the position be filled by someone, who despite the internal regulation provisions does not identify any controversy in the fact that an officer who left the Bank of Slovenia at his own decision and to take on a better-paid function received over €75,000 of public money as severance pay? If resolved at their own wish, the members of the Council of the Bank of Slovenia and employees with special powers, are not entitled to receive severance pay. The same goes for any other hard-working Slovene employee, who has to work over 5 years to earn 75,000 euro. 

If your answer is “No”, then are you, in case you become Governor, willing to terminate your collaboration with Mr. Jurij Žitko, the current Head of the Legal Department at the Bank of Slovenia, who approved over €75,000 in “severance pay” to Mr. Boštjan Jazbec who resigned at his own wish?

3. What is the required level of integrity for the law firm, which is trusted (and despite its large legal department well-paid) by the Bank of Slovenia?

Do you identify any conflict of interests, or even a case of abuse of office, in the fact the law firm representing the Bank of Slovenia against payment, simultaneously represents the highest officers of the Bank of Slovenia and even the Governor? 

If your answer is “Yes”, then will you, in case you become Governor, continue the ample collaboration with Čeferin Law Firm, which in accordance with the authorization issued by the Governor, represented the Bank of Slovenia as a public institution and the Governor as a private person at the same time?

4. What is the required level of integrity for the person holding the position of the Strategic Adviser at the Bank of Slovenia?

Can the position of the Strategic Adviser at the Bank of Slovenia be held by a person, who acted as procurator at a family-owned limited liability company, which in uncertain circumstances obtained a loan from a Slovene bank in the amount considerably excessing its credit rating and later on went insolvent with more than €500,000 of debt? Can the position of the Strategic Advisor at the Bank of Slovenia be held by someone, who held the position of the Head of Legal Department in the period which saw the prosecution of responsible persons from the Bank of Slovenia due to infringement of requirements for the prevention of money laundering (known to the Bank of Slovenia) through Slovene banking system become time-barred (NLB for its Iranian clients during the period from 2009 to 2011, and NKBM for its Italian and Russian clients during the period from 2014 to 2017)? Can the position of the Strategic Advisor at the Bank of Slovenia be held by someone, who is both of that? 

If your answer is “No”, then will you, in case you become Governor, terminate Bank of Slovenia’s collaboration with Ms. Jasna Iskra, long-standing Head of the Legal Department at the Bank of Slovenia, who was responsible for (not) imposing sanctions against persons involved in money laundering at NLB and NKBM, and who currently enjoys her astronomical salary as Strategic Advisor at the Bank of Slovenia.

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Upon addressing public questions to the candidates for Governor, Mr. Kristjan Verbič, President of the VZMD, told the following:

“At the VZMD we thank the candidates, who will take the time to answer our questions, and ensure that all received answers will be published and will constitute the base for our eventual decision with regard which candidate to support. Regardless of the new management, the VZMD will not in any event abandon its efforts to investigate and explain any past questionable actions linked to this institution and its role in the mass cancellations and expropriations of investors during the period between 2013 and 2014.”

Other Related International Activities:

ECB - VZMD indignation over recent EU pressures forcing Bureau of Investigation and Prosecution to withdraw from investigation of criminal acts committed during excessive capitalization of Slovenian banks, and ex-Governor

ECB / EC - The VZMD supports the proposed bringing of the legal action against the European Commission and the European Central Bank for their role in expropriations in Slovenian banks in 2013

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 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!

vzmd.newswire.com – 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

vzmd.newswire.com – 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 investo.si and investo.international 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 investo.si and investo.international(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 investo.international 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 investo.international (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 investo.international 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

www.vzmd.tv and www.investo.tv – Over 300 videos from VZMD.TV and investo.tv

www.investo.si – More on the investo.si – Invest to Slovenia Program

www.invest-to.net – More on the network of 65 national organizations of shareholders and investors – invest-to.net