After disgracing itself for poor supervision of Moja delnica d.d., where a gaping hole broke, after disgracing itself for postponing to publish the price sensitive information about the Panasonic's due diligence of Gorenje d.d. and scandalous approval of the tycoon takeover of Mlinotest d.d., (which is why VZMD initiated legal proceedings against ATVP before the Administrative Court), and after disgracing itself at the National Assembly of the Republic of Slovenia for espousing higher charges in the financial industry, ATVP managed by Mr. Miloš Čas, has proceeded with its crusade and a merciless campaign against anyone who does not bow to the narrow interests of financial moguls by whom the ATVP is financed.
The Agency has been especially discontented with the ”Share SUPPORT”, which was established by the PanSlovenian Shareholders' and Investors' Association (VZMD), in order for owners of securities to be more inclined to preservation of their securities while the abolishing of registry accounts with Central Securities Clearing Corporation (KDD) took place, thus providing a way out of the false dilemma whether to forgo securities or get caught in the snare of the financial industry. In that vein, ATVP again published a ‘notice’ in which VZMD is reproached about its dishonest, unclear and misleading activities.
Hence, VZMD must respond and point out to the dishonest, unclear and misleading activities conducted by ATVP.
“Share SUPPORT” (VIDEO), established by VZMD, provides storage for securities on the trust account of a lawyer whereby each owner does not have to make individual arrangements about this with the lawyer. In addition to trust accounts of a public notary, a trust account of a lawyer is one of the most secure ways to store assets in general. The allusions made by ATVP about the contrary is deliberate deception - if trust accounts of lawyers were not totally secure, then why the Ministry of Justice has not banned them all these years, and why the law requires from lawyers to have trust accounts?! ATVP has deceptively stated that the securities on a trust account of a lawyer are not included in the protection scheme, but has failed to state that the claims against a lawyer are secured, as the Slovenian Bar Association is obliged to protect a lawyer under the Attorneys Act from the liability for damages which might be inflicted on the client as regards practicing of their profession.
ATVP has dishonestly stolen someone's thunder when stating that charges at brokerage companies and banks would be lower than at Share SUPPORT due to the legal restrictions to 0.5 % of the annual average investment value. Naturally, Share SUPPORT cannot be free of charge as the lawyer’s services are not free of charge much like financial intermediaries’ - although AVTP has been persistent in showing that the securities in Share SUPPORT are ‘out of the system’, whereas, in fact, the trust account is opened exactly at the financial intermediary as it cannot be opened elsewhere and ATVP has control over them!
The point here is that ATVP has furtively kept back that for more than a year - despite explicit warnings from VZMD - itself did not even bat an eyelid when the financial intermediaries came up with all sorts of charges to cover up illegal charging of amounts above 0.5 % of the annual average investment value. ATVP has furtively kept back that it had made every effort at the National Assembly of the Republic of Slovenia so that the authentic interpretation of the Book Entry Securities Act (ZNVP-1), which put an end to such actions and for which we at VZMD fought hard, is not passed. As this time, ATVP resorted to the intimidation (“warning”) tactics at the National Assembly arguing that the financial intermediaries are, should the authentic interpretation be adopted, supposed to massively reject and turn away clients with lower value portfolios, which eventually did not happen. Is it possible to believe the same ATVP, which has always time turned a blind eye to unlawful rip-off of investors with lowest value portfolio, that it is disturbed by charges at the Share SUPPORT which are allegedly placing a burden on new members? Or might it as well be disturbed by the efficiency, prospects, affordability and indomitable spirit of the Share SUPPORT?
It is patently obvious as ATVP brandished the sword of law amendments adversely affecting the Share SUPPORT. As ATVP is not able to crush the Share SUPPORT despite all vile attempts under the current laws, ATVP has obviously tried to change the rules of the game, as it has threatened that the law amendment inducing the unlawfulness of the Share SUPPORT activities will be adopted. Thus ATVP wants to play the role of a lawmaker, even after the members of the National Assembly, with one of the most overwhelming majorities (77 : 0) in adopting the authentic interpretation of ZNVP-1, showed what they think about the quality of ATVP’s work!
VZMD will make every effort to prevent such law amendments tailored to the big, the influential and the rich from being introduced. However, it is hard to disregard the fact that the trust accounts in the Republic of Slovenia were introduced only through the Financial Instruments Market Act more than a decade ago, when the state yielded to the foreign moguls and the rich who wished to have this kind of ownership. Now that, after a decade of flamboyant use of trust accounts by foreign moguls and the rich, we at VZMD wanted to use this instrument in a way in which a minority shareholder may reap some benefits, ATVP rises to nip such equality of opportunity in the bud.
We have high hopes that the members of the National Assembly of the Republic Slovenia will not become a part of this ATVP’s disgrace.
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