The PanSlovenian Shareholders' Association (VZMD) last Thursday at the Ljubljana Administrative Court filed three lawsuits through Kunič Law Office against the Bank of Slovenia, in the name of 293 owners of subordinated bonds of three Slovenian banks who were expropriated on December 18. The lawsuits challenge the measure of cancellation of NLB subordinated bonds (in the name of 229 owners of NLB bonds of 26th debenture issue), Factor banka (in the name of 24 owners of Factor banka bonds of 9th debenture issue), and Probanka (in the name of 40 owners of Probanka bonds of 9th, 11th and 12th debenture issues). These bonds were, due to the Bank of Slovenia exceptional measures which were carried out on 18 December 2013, cancelled without any explanation, without any compensation, and on top of this the expropriated owners of bonds were not even allowed to examine a decision about the cancellation, which has been justified by the Bank of Slovenia by claiming that there is supposed to be confidential information in these decisions!?!
Because the Bank Law Amendment adopted in November proclaimed all guarantees of prospects about repayment of bonds as null, and it forbade the expropriated owners to bring lawsuit against the bank whose bonds were cancelled, the administrative dispute which has thus been triggered – beside already filed initiative for constitutional review – remains the only legal remedy of the expropriated owners of bonds. The Bank of Slovenia did not even want to disclose to expropriated owners identification numbers of decisions by which it ordered the cancellation of bonds, therefore the lawsuits, filed on the basis of the Administrative Dispute Act, were amended by an appeal to the Court that, due to its authority, it is to get all the necessary missing information from the Bank of Slovenia.
Taking all these things into account, VZMD is becoming more and more concerned and they wonder how long and how far can the rulers or the power holders and management bodies intensify extremely arrogant, absolutist patterns, procedures and decision – making methods by which they completely ignore certain legal norms and citizens’ interests – for this reason VZMD again appeals to the government of the Republic of Slovenia and the Bank of Slovenia that they should finally go back to basic democratic principles and starting–points for righteous, stable and successful social–economic activities.
Other Related International Activities:
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)
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)
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)
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 55 national organizations of shareholders and investors – invest-to.net