Date: 20th January 2022

BETTER FINANCE Member VZMD makes Objections Public in OPEN LETTER to the CEO of the Slovenian Securities Market Agency (ATVP), the national competent Authority

In a press release at the end of 2021, VZMD - the Pan-Slovenian Shareholder Association and BETTER FINANCE Member - drew attention to the mass dissemination of letters and "innovative" offers by IGOR ŠTEMBERGER, the CEO and owner of ILIRIKA bornz-posredniška družba, d.d. (a brokerage company) and called on the Slovenian Securities Market Agency (ATVP) to address this initiative that is seriously damaging individual shareholders.

As a result of its justified warning to shareholders against ILIRIKA, the broker initiated a smear campaign against VZMD “aimed at destroying the Association and "Share SUPPORT" (video), the only remaining bastion in the fight against this rip-off of small investors by the only exclusive brokerage company in Slovenia – ILIRIKA", reporting VZMD, its President, and certain business partners of the Association, to authorities such as the Labour Inspectorate, the Market Inspectorate, the Financial Administration of the Republic of Slovenia (FURS), and the Securities Market Agency (ATVP).

Whereas most of the above-mentioned authorities quickly and correctly concluded their procedures without having found any serious violations of regulations, ATVP, unfortunately, took it upon themselves to make the operations of VZMD and "Share SUPPORT" even more difficult.

In response, VZMD President, Mr Kristjan Verbič, now addressed an Open Objection Letter to the CEO of ATVP, Ms Anka Čadež, stating inadmissible regulatory pressure on the organised representation of minority shareholders.

  • Read the full press release below.