The VZMD welcomes the recent European Court of Human Rights (ECHR) ruling, which, unlike all other domestic judicial instances, ruled that wiping out shares and bonds (»bail-in«) – while ignoring all due process rules – violated the right to enjoyment of property. Even though the court did not go into details regarding the amount of pecuniary loss, the finding itself that a property right has been violated requires the violation to be remedied with an appropriate pecuniary remuneration. The VZMD also wants to recall the numerous initiatives prepared by its associates for this purpose, which have observed all European frameworks regarding bank bailouts.
The VZMD experts believe that it is now crystal clear that the expropriated individuals are entitled to pecuniary remuneration, because the National Bureau of Investigation (NPU) extensively and convincingly documented as early as 2018 – in its 94 page denunciation of the former management of the Bank of Slovenia – that the Bank of Slovenia purposefully and falsely declared a negative bank capital – despite it being positive, last year the Court of Auditors of the Republic of Slovenia found in its audit report on the actions of the Bank of Slovenia in 2013 and 2014 that the Bank of Slovenia failed to demonstrate a negative bank capital and justify its “extraordinary” expropriation measures.
This is why the VZMD completely rejects the initial attempts to relativize this great success, which are already spreading in all directions and claim that the success was only of procedural nature and that the awarded damages for non-pecuniary loss cannot be compared to the large extent of pecuniary loss.
The VZMD associates point out that the circumstances the European Court of Human Rights found most striking include the secrecy of the “evaluations” that served as the basis for valuation. The VZMD again draws attention of the responsible individuals in the Republic of Slovenia to the great success of Mr. Peter Glavič, a member of the VZMD Expert Council, who obtained the ECB document and demonstrated that the “evaluations”, which were directed by the Bank of Slovenia and served as the basis for the expropriations of bank investors, are not in the ECB archive! There is no reason to further delay the disclosure of these “evaluations”!
“The VZMD is especially happy to acknowledge the strong personal commitment of one of the appellants, Mr. Tadej Kotnik, and the attorney Mr. Aleš Kaluža, both our long-standing partners, who greatly contributed to this success. We would like to thank both of them on our behalf and on behalf of numerous parties to the agreement as part of the VZMD’s efforts, with whom we have agreed on the joint efforts to remedy the unconstitutional violations of the investors’ property rights. We would also like to thank all the parties for their long-standing trust and invite all other expropriated investors to join the VZMD efforts,” the VZMD President Mr. Kristjan Verbič commented on the news of the ECHR ruling – with express support of the European Federation of Investors & Financial Services Users (BETTER FINANCE) at the end of their International Investor Conference in Bled.