The VZMD (PanSlovenian Investors' & Shareholders' Association) is absolutely outraged since 7 years after being canceled, the Constitutional Court – such as in the first constitutional review ZBan-1L – is again turning to the European Court of Justice for a regulation which is even milder towards the Bank of Slovenia as the one the Bank of Slovenia drafted itself in the later repealed Article 350.a of the ZBan-1 (Shareholders, creditors and other persons whose rights are affected by the Bank of Slovenia's decision on an extraordinary measure may request that the Bank of Slovenia reimburse them for damages, provided that they prove that the damages that arose as a result of the effects of the extraordinary measure exceed the damages that would have been incurred had the extraordinary measure not been imposed). Apparently, there was nothing un-European in the damage liability of the Bank of Slovenia (the Bank of Slovenia never had an issue with this Article) and even the former bank’s Governor, Mr. Boštjan Jazbec, called on the investors to initiate the procedures pursuant to Article 350.a of the former ZBan-1 if they believed they had been wronged.

The VZMD which was the first to initiate the proceedings for the constitutional review of the questionable ZBan-1L (VIDEO) before the cancellation itself, is certain that the Constitutional Court should have cut the Gordian knot there and then and should at least provide an appropriate remedy since the legislator is unable or unwilling to do so. Instead of a solution, it seems that 7 years after the cancellation the expropriated individuals are now facing additional 7 years of struggle for a remedy which they are certainly entitled to, followed by many years of proving damages, which will have been a distant memory for most of them by then. Additionally, the Constitutional Court submitted a question to the European Court of Justice for a preliminary ruling whether it is compatible with the European law – in regards to the prohibition of monetary financing – that the Bank of Slovenia is held liable for the cancellation.

In view of the above, the VZMD President, Mr. Kristjan Verbič, stated: “Mildly speaking, this is ignorance beyond comprehension! Due to the answer to the question whether funds for the controversial nationalization of banks shall be allocated by the Republic of Slovenia directly from the budget or through a public authority – which will consequently take up less budget funds (i.e. the sum equal to the amount of the damages which would be paid by the Bank of Slovenia would not be taken up in the budget) – everyone who has been robbed for 7 years will have to wait for at least another 7 years! However, the robbed individuals will not be waiting for the compensation for damages or a redress of injustices – no, they will be waiting for the right to judicial protection which is a constitutionally guaranteed right, the violation of which has already been determined by the same Constitutional Court!”

The VZMD associates cynically conclude that immense legal talent is required to weigh down the question "what would have been the value of the banks had the appraisal been made in line with international standards and not circumventing international standards", with the question from which public funds will the damages be paid while there is the Article 26 of the Constitution – which is supposedly read by the Constitutional Court occasionally (?!?) – that the Republic of Slovenia is liable for the damages due to unlawful conduct of public authorities without exception.

The Constitutional Court thus posed a very refined question: Is it compatible with the European law if the Bank of Slovenia allocates public funds for the payoff of expropriated investors “a moment” before drawing up the annual report or “a moment” after drawing up the annual report and allocates its excess of income over expenditure to the budget which then pays off the expropriated investors. »This is certainly a legal question of great importance. How the supreme protector of the constitutionality was able to formulate such an important question in the brief span of one year – we must not forget, the first absolutely urgent procedure lasted for more than 1000 days – and so concisely (33 pages), will certainly remain a permanent reminder of lucidity of the legal mind which can only be compared to The Famous Goat Trial in terms of its cleverness! We should take this opportunity to congratulate the remarkable legal talents used to harm its own people,” said Mr. Verbič indignantly.

Other Related International Activities:

ECB / SLOVENIA – VZMD obtained and published official ECB document stating that Slovenian bank appraisals were not part of ECB archives – VZMD is appalled at (deliberate?!) incompetence of authorities in Slovenia to protect investors

Criminal charge by National Bureau of Investigation (NPU) - disclosures by Mladina weekly reaffirm most gloomy and unthinkable warnings by VZMD – appeal for disclosure of criminal charge and scandalous official findings of crime investigators regarding billion euros in damages incurred to all citizens and Republic of Slovenia

GOVERNOR, NATIONAL ASSEMBLY – outraged at Mr. Vasle’s ignorance of the irregularities in the contestable bank recapitalization, the VZMD warns: the National Bureau of Investigation has already established reasonable grounds for suspected illegal activity

GOVERNOR, NATIONAL ASSEMBLY – outraged at Mr. Vasle’s ignorance of the irregularities in the contestable bank recapitalization, the VZMD warns: the National Bureau of Investigation has already established reasonable grounds for suspected illegal activity

BANK OF SLOVENIA - candidates for Governor receive four straightforward questions posed by the VZMD with regard to terminating inadmissible managerial practices and their view of current burning issues

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