THE GOVERNOR PULLS UP STAKES ‒ After the institutional robbery of the century in Slovenia, the Governor retreated to a sinecure with the higher authorities, where he would be as a Board member of the Single Resolution Board ‒ the central resolution authority within the Banking Union ‒ in charge of resolution planning and decision-making, of "bank bailouts with minimum consequences for taxpayers" – AN OVERVIEW OF HIS OUTSTANDING REFERENCES for the EUROPEAN PARLIAMENT

Mr. Boštjan Jazbec, the Governor of the Bank of Slovenia (the central bank of the Republic of Slovenia) and the key player of the scandalous overcapitalization of the Slovene banking system (VIDEO), will apparently be awarded with a new important position as a sign of appreciation for his role in the expropriations in Slovene banks and the billion-euro damages incurred directly to over 100.000 Slovene small investors, and indirectly via pension funds to all Slovene citizens and taxpayers. Much like some of his accomplices before him, Mr. Jazbec was rewarded with a job abroad, far away from the citizens of the Republic of Slovenia whom he helped to rip off, trample and deprive of their rights (VIDEO). To add to the irony and mockery, Mr. Jazbec is nominated by the European Commission, which itself had a considerable role in forcing the expropriations despite the lack of legal and economic grounds, as one of the six members of the newly established Single Resolution Board, which is the central authority for the bank bailouts operating within the Banking Union, where he will be in charge of bank bailouts “with minimum consequences for taxpayers”. The Pan Slovenian Investors’ & Shareholders' Association (VZMD) is convinced that, considering his references and past actions, Mr. Jazbec is among the least suitable candidates for the new position.  

Up until now, much has been written about the four-year long calvary that was the resolution/recapitalization of Slovene banks. One thing is sure: due to its controversial calculation of the banks negative equity, to date still strictly confidential but known to be exceedingly incompatible with the IFRS, the Bank of Slovenia was responsible for the complete wipe-out of shareholders and bondholders without compensation, as well as the consequent overcapitalization of the bank by taxpayers’ money. The controversial calculations were performed by consulting companies and not auditors, and moreover at the behest of the Bank of Slovenia and explicitly excluding the application of IFRS as well as any liability of these companies for resulting damages, something that was conveniently kept a secret by the Governor up until a leak that led to this disclosure!

Mr. Jazbec is undoubtedly one of the few central bank governors subject to ongoing criminal investigation, including a search at the premises of the Bank of Slovenia based on a court decree. Moreover, the court decree revealed the methods of Mr. Jazbec, who, among other things, attempted to express his gratitude towards the judges for their illegal cooperation in the registration of the wipe-outs by inviting them for lunch. Very revealing, in addition to the repeated immunity claims, is his correspondence, published by the portal, which shows that Mr. Jazbec attempted to influence, via the European Central Bank and its Governor Mario Draghi, the adoption of regulations in Slovenia aimed to hinder any investigation of his questionable actions.

The Court of Auditors' completed audit of the management of the NLB's claims towards its debtors in the period from 2013 to 2016 found "numerous imprudent actions" in the grouping of these claims into good and bad loans, and in their consequent selection for transfer to the Bank Assets Management Company (BAMC). At the same time, the media reported that the Bank of Slovenia requested a transfer of a number of additional loans, including a number of those that were not highly performing, with A and B credit ratings, just before the negative situation at the NLB was "diagnosed".

After the scandalous expropriation of shareholders and bondholders, the damages to the banks incurred by transferring good receivables to BAMC, and the overcapitalization by taxpayers, the robbery of the century is coming to an end with the sale of banks to post boxes in tax havens for ridiculously cheap prices. With this, chances are getting slim for the taxpayers to ever be repaid the excess of funds which were completely unnecessarily invested in the "rehabilitation" of Slovene banks. The NKBM bank, which showed 623 million EUR of total capital in 2015, was bought by the American Apollo fund and the European Bank for Reconstruction and Development (EBRD) for a meagre EUR 250 million. That same week, the owner of the bank became the Biser Bidco company, with a post box from Luxembourg, with no more than EUR 20,000 worth of equity and without employees. The new owner proceeded to pay himself the entire annual profit, which in two months from the purchase amounted to EUR 17 million (which was entirely generated the previous year, when the NKBM bank was still owned by the Republic of Slovenia) and to EUR 30 million in the following year. Furthermore, since then the NKBM has been paying a corporate income tax in the amount of 1% in Luxembourg while the Republic of Slovenia can kiss its 19% corporate income tax goodbye.

The VZMD is increasingly concerned about the incestuous intermeshing of the national and European officials with the transnational financial industry. The European Commission is led by the long-standing prime minister and financial minister of Luxembourg, Mr. Jean-Claude Juncker, who is renowned for his fondness for the financial industry and the facilitation of systematic tax avoidance by corporations, while his predecessor, Mr. José Manuel Barroso, continued his career as the Chairman of Goldman Sachs International, a part of the leading international investment bank, which is, among others, one of the owners of the Apollo fund. The Vice Chairman and Managing Director positions at Goldman Sachs International were, however, also held by Mr. Mario Draghi, before he became the ECB Governor.

Last but not least, let's not forget Slovene winners and losers. Mr. Mitja Mavko, who was a State Secretary at the Ministry of Finance of the Republic of Slovenia during the expropriations and who was significantly involved in the preparation of the expropriation law, was awarded with the position of the Advisor to the Director of the EBRD in London, while his colleague, Ms. Katja Špur, was awarded with the position of the Advisor to the Director of the Inter-American Development Bank in Washington. Among the most prominent accomplices, Ms. Alenka Bratušek was the only one who saw things go slightly wrong for her. The then current Primer Minister, in fact, proposed herself for the position of the European Commissioner and was at the looking forward to the position of the Vice President of the European Commission under Mr. Juncker. However, she was thwarted by the members of the European Parliament.

Maybe this time too, the members of the European Parliament will finally question the appropriateness of Mr. Jazbec for the position in question.

Other Related International Activities:

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 Federation of Investors sent out an open letter to members of the National Assembly and the Prime Minister as well as responsible persons at the European Commission - warnings and explicit support for VZMD and the “Share SUPPORT” in opposition to the government’s proposal of the amending act to Financial Instruments Act

BRUSSELS – after the Executive Board meeting, also the European Federation of Investors and Financial Services Users staunchly stood up for the Share SUPPORT and VZMD - a letter to members of the National Assembly and Prime Minister of the Republic of Slovenia as well as responsible persons at the European Commission

NATIONAL ASSEMBLY – VZMD’s serious warnings regarding the Government’s proposal to amendment the Financial Instruments Market Act exclusively aimed at destructing the »Share SUPPORT« based on unrelenting pressures and narrow interests of the financial industry together with Securities Market Agency

Urgent notice for the general public about the Slovenian Securities Market Agency (ATVP) and the manner in which it is managed by Mr. Miloš Čas, and before law amendments passed solely to abolish the “Share SUPPORT” at VZMD and options to preserve the investments of minority shareholders

EUROPEAN BANKING AUTHORITY - uniquely radical expropriations in Slovenian banks presented as an excess without comparison at the EBA meeting in London

THE NATIONAL ASSEMBLY OF THE REPUBLIC OF SLOVENIA – The president, Mr. Brglez, received Mr. Verbič, listened to the VZMD proposals and standpoints, and expressed willingness to constructively settle the open issues in the context of the recent decision of the Constitutional Court of the Republic of Slovenia

After 1,045 days, the CONSTITUTIONAL COURT agrees with the VZMD that the Banking Act is unconstitutionally encroaching upon an efficient judicial protection, and orders the National Assembly to systemically address this unconstitutionality

Vice-President of the European Commission with the VZMD President on the letter putting pressure on the Prime Minister of the Republic of Slovenia as well as on the happenings at the Bank of Slovenia and the expropriations of Slovenian investors

BRUSSELS – Share SUPPORT receives great interest at the meeting of the European Federation of Investors and Financial Services Users

PARIS – at the yesterday's meeting of the European Securities and Market Authority (ESMA), Mr. Verbič also on the initiative to establish an institute of the European Economic Ombudsman, and on the questionable actions of the Slovenian regulator ATVP

ANOTHER POORLY FORETHOUGHT NATIONALIZATION – a new amending act of Book Entry Securities Act to introduce another state controller, additional “debauchery” of Takeovers Act and unequal treatment of all other shareholders in Slovenia – VZMD: forsaken shares should belong to their issuers

EXCLUSIVE VIDEO INTERVIEW with the Managing director of the European Federation of Investors & Financial Services Users

European Court of Justice in Luxembourg has ruled in favor of investors expropriated during the nationalization of six Slovenian banks in 2013

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! – 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 – 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 and 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 and, March 2013)

INDIA – visit of Slovenian government and business delegation – on the basis of Memorandum between ICPE and VZMD international investors' programs and 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 and (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 in 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) – More on the VZMD – PanSlovenian Shareholders' Association and – Over 300 videos from VZMD.TV and – More on the – Invest to Slovenia Program – More on the network of 65 national organizations of shareholders and investors –

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