The presentation "Bail-in: How far does it have to go?", which was delivered in the General meeting of the European Federation of Investors and Financial Services Users (BetterFinance) at the eminent Parisian Cercle de l'Union Interalliee by the member of the VZMD Expert Council, Mr. Tadej Kotnik, and the VZMD President and a member of the BetterFinance Executive Board, Mr. Kristjan Verbič, was met with great interest from the highest representatives of investors' associations from 16 EU member states and many other prominent participants. Due to the interest, wonderment, and many questions, the presentation - instead of planned 20 minutes - took more than an hour and was met with overwhelming approval and applause, and the discussion went on into the evening's informal gathering and gala dinner.
The majority of investors' associations representatives from the Western Europe countries - before the presentation of clear evidence and irrefutable arguments - first expressed their outright disbelief that such expropriation as occurred in the Republic of Slovenia - the expropriation without a compensation, based on secret valuations, inconsistent with the IAS and IFRS standards, and on top of it, with no lawsuit allowed - is actually possible anywhere in the EU, let alone in a euro area member state! Mr. Kotnik and Mr. Verbič have comprehensively and thoroughly exhibited activities and procedures pertaining to the scandalous expropriation of the shareholders and bondholders of Slovenian banks, including the recent developments before the Grand Chamber of the European Court of Justice in Luxembourg. There they drew convincing and documented comparisons of the unique developments in Slovenia with the cases from Austria, Cyprus, Greece, Ireland, Italy, the Netherlands, Portugal and Spain.
Otherwise, the VZMD President had also talked about the mentioned issues in a longer interview on Sunday's 3rd program of TV Slovenia (VIDEO), before he attended the meeting of the Executive Board of BetterFinance in Paris, where numerous topical issues, which are also relevant to the Slovenian capital market and its stakeholders, were addressed, and also about procedures related to the "Volkswagen scandal" as well as the protection of the affected investors, shareholders and users, and potentially suppliers as well, which VZMD has been advocating.
Other Related International Activities:
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!
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
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
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)
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.investo.international – More on the network of 55 national organizations of shareholders and investors
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!
Prior to the public hearing in the EU Court in Luxembourg, last week's show on TV Slovenija called Točka preloma (Break-even point) opened up the opportunity to present the positions of lawyers Mr. Miha Kunič and Ms. Tamara Kek (VIDEO), who through shareholders' and bondholders' agreements as part of VZMD, directly represent over 1,100 expropriated aggrieved parties. Apart from the two lawyers and as part of the expert team of VZMD, the public hearing which was held today in Luxembourg was also attended by the lawyer Mr. Jorg Sladič, a member of the VZMD Expert Council, Mr. Tadej Kotnik and the VZMD President, Mr. Kristjan Verbič. The Bank of Slovenia announced that it will be represented at the hearing which takes only 10 minutes per party - by the Grilc Vouk Škof law firm and the Freshfields Bruckhaus Deringer law firm from London - and that the total costs of this representation will not exceed EUR 85,000!!!
These days bear witness yet to another facts and moments indicating that cancellation of subordinated bonds and shares of Slovenian banks actually was a plunder of the century. Last week's media publications regarding the conflict of interests of the Executive Director of the Bank Assets Management Company (BAMC), Mr. Janez Škrubej - who was previously the managing director of Deloitte Svetovanje, d.o.o. - time and again corroborate the facts which have been pointed out by VZMD ever since the shocking expropriations occurred almost two years ago. The consultancy (!!) Deloitte namely did, for an enormous amount (again as instructed by the Bank of Slovenia!) a calculation of an extremely negative capital of NLB which triggered the cancellations of holders of shares and bonds and transfers of receivables to DUTB, while its managing director simultaneously stood for the Executive Director of BAMC and was selected out of 250 candidates!
VZMD has since March 2015 pointed to the fact that the Bank of Slovenia performed a manipulation (VIDEO PRESS RELEASE) and commissioned assessments at Deloitte Svetovanje and Ernst & Young Svetovanje consultancies, which are neither auditing firms nor independent corporate and real estate valuers, which they should be pursuant to the Act Defining the Measures of the Republic of Slovenia to Strengthen Bank Stability (ZUKSB) – certified valuer shall be a natural person who has the expertise in valuing companies and real estate. Since the companies mentioned are not auditing firms they cannot be independent valuers as required by the Banking Act. An auditor must follow the International Accounting Standards (IAS), whereas a consultancy is not obliged to. Deloitte expressly stated in the assessment report that no IAS had been applied (Counterarguments to recent statements by the Bank of Slovenia along with additional disclosure of misleading statements, falsehoods and unlawfulness, March 12, 2015).
Other Related VZMD Activities: