VZMD, the Pan-Slovenian Shareholders’ Association and BETTER FINANCE member, filed three lawsuits in the name of 349 owners against three Slovenian banks.
The lawsuit calls for the nullification of the simplified reduction and simultaneous increase of the banks' nominal capital, by whithin all the owners of subordinated bonds and shares of these banks have been expropriated.
Last year an act amending the preexisting Banking Act was approved by the Slovenian National Assembly, prohibiting the expropriated subordinated bank creditors from suing the debtor banks.
VZMD stresses that “the Slovenian constitutional principle which says that everyone has the constitutional right to a legal remedy has thus been very obviously and radically violated”.
VZMD will ensure further use of all legal means available to protect the expropriated owners and signatories of the VZMD agreement.
Please read VZMD press release here.