Last week, officials of the Bank of Slovenia, almost the same as exactly one year ago, activated their own secret »calculation«of capital and upon expected communications, discovered that conditions for the deletion of all subordinate bonds of the Bank of Celje were fulfilled, as it was already promised to "Brussels" in April. Just as in five other Slovenian banks, where the deletion was activated last year, it is also expected here, that the »calculation«remain permanently secret, under the pretense of a »risk of the collapse of the financial system«, which would theoretically cause its disclosure, while all warnings, that such a deletion is not undertaken by any other member of the EU, as it was executed in all banks in Slovenia (where it was at all theoretically possible), fell on deaf ears..

The PanSlovenian Shareholders' Association (VZMD) already for one year has been calling for the sobering up of crazed officials at the Ministry of Finance and Bank of Slovenia, where, in the wish for themselves, that they would please lower level officials in Brussels and perhaps ensure for themselves (even) better paid jobs west of Slovenia, are prepared to make use of falsified dates and calculations as well as assertions with unbelievable conclusions (www.dnevnik.si/posel/novice/igra-stevilk-datumov-in-nakljucij-ob-resevanju-bank), while filling up the courts with obviously absurd and false pursuances (www.finance.si/8813069/).

We remember: exactly one year ago, the Bank of Slovenia with a secret »calculation«decided, that the capital in most significant Slovenian banks NLB, NKBM, Abanka, Probanka in Factor banka was negative - and that in such a scale, that it enabled the deletion of all subordinate creditors of all the aforementioned banks, after the, at the time, just introduced amendments to the Banking Act. The shocking deletion or expropriation, was already promised three months prior by officials of the Ministry of Finance to lower officials of the European Commission (www.mladina.si/160175/salonski-bojevniki/).

Upon this deletion, only one bank in Slovenia with issued subordinated bonds remained – Banka Celje; also it was last year subject to a capital valuation by a secretive methodology, in non-compliance with any accounting standard and intended exclusively for the execution of deletion, but in Banka Celje, not even that would have led to a negative capital situation and consequentially a foundation for the deletion.

The capital of Banka Celje was also positively revised at the end of last year, but obviously the experiment had to continue and although Banka Celje, also through this year, showed not only positive capital, but also a quarterly profit, in April of this year a resolve was sent to Brussels, that also in this bank all subordinate creditors were to be deleted; this was, after many months of ignorance, finally on 28 August of this year at the General meeting of Banka Celje, upon the question by the PanSlovenian Shareholders' Association's representative, publically admitted by the Chairman of the Board of that bank.

And so it was already in April stipulated, that the holders of issued subordinated bonds, also in the last remaining banks, are to experience the same fate, as all others, which were deleted last December. The promise, given to lower officials in Brussels in secret communication, had been obviously decided upon by officials of the Bank of Slovenia to fulfill despite the obvious fact that it was based on totally unreal expectations: upon the announcement of the catastrophic losses of the bank (which actually traded with a profit) and an even more catastrophic fall in Slovenia's GDP (which already during the time of this promise grew and in the last months actually grew the quickest in the entire euro zone).

As can be therefore seen, a total removal is, with respect to the sanctioning or at least the cessation of the destructive policy of the Ministry of Finance of the Republic of Slovenia and the Bank of Slovenia, unfortunately still far away, as the Bank of Slovenia has now deleted all bonds, which were possible to delete. The Governor of the Bank of Slovenia, only half an hour after, when the media was informed of the new magnitude of successful deletions or expropriation, set off on a pre-New Year party of bankers and stockbrokers, and there was treated to shrimp tails and champagne and paid tribute with a high-flying speech about the successes in integrating trust into the Slovenian banking system!?! 

On Tuesday, 11 November 2014, started the introductory, domestic part of this year's 8th tour of the VZMD (PanSlovenian Shareholders' Association) international business-investment programmes: Invest to Slovenia - investo.si and International Investors` Network - invest-to.net. In the framework of this year's tour the VZMD representatives attended in the first three days four important conferences in different places around Slovenia.   

The VZMD President Kristjan Verbič, MSc, thus attended, together with the investo.TV team, the international conference »SouthEast Europe Business Networking«in Pomurje region. The conference, organised by the Regional Development Agency Mura, the Ministry of Economic Development and Technology, and SPIRIT Slovenia, was attended by the representatives of more than 100 companies from Austria, Czech Republic, Croatia, Italy, Luxembourg, Hungary, Germany, Slovenia, Serbia and Turkey. The representatives spent two days discussing the possibilities of business cooperation, and there were more than 1.300 B2B business meetings.   

The very next day the VZMD team was in Nova Gorica where, within the framework of Coinvest project, the »Balkan Venture Forum« took place. The three-day forum, organised by COBIK (Centre for Excellence), Europe Unlimited and Balkan Unlimited, was attended by numerous domestic and foreign start-up companies, and representatives of investors from Europe, Israel, Russia and the USA. The assembled participants were in the introduction addressed by the State Secretary at the Ministry of Economic Development and Technology Mr Janko Burgar, MSc, who showed a great deal of interest also for the VZMD international business-investment programmes and additional possibilities of cooperation with the Ministry.

Besides Mr Burgar, Mr. Verbič, spoke about the possibilities of deepened cooperation with numerous representatives of the organiser, the Club Business Angels of Slovenia, and other participants, primarily in the light of his visit to Helsinki, where he departed the following day, and where he met the most prominent representatives of the European Trade Association for Business Angels (EBAN), Finnish Business Angels Network (FiBAN), and numerous important participants from all over the world who actively attended the four-day annual conference.

The products of the Slovenian innovators were at the same time also presented in Cankarjev dom in Ljubljana where the 9th Slovenian Innovation Forum took place.

On Thursday the VZMD President, on the invitation of the Slovenian Association for Quality and Excellency (SZKO), attended their 23^rd Annual Conference which took place in Portorož. The assembled audience was in the introduction addressed by the SZKO President Janez Benčina, Director General of the European Organization for Quality, dr Eric Janssens, and the representative of the European Foundation for Quality Management, Mr Gianluca Mulè. In the framework of the conference there were many lectures and reports of some domestic and foreign experts, and in the evening the award ceremony "Slovenian Quality Mark" took place, as well as the award ceremony of SZKO awards and recognitions.  

The VZMD President continued this tour of the international business-investment programmes investo.si and invest-to.net with his visit to Helsinki where the International Conference of the European Business Angels Network (EBAN) took place, and VZMD has been actively cooperating with them since the last year's conference in Vienna. After his visit to Helsinki, Mr Verbič also took part in the delegation managed by Directorate-General for Enterprise and Industry of the European Commission »Mission for Growth«at Cape Verde, where Mr Verbič met the President of the Republic, (VIDEO REPORT TCV from the reception at the Presidential Palace), the Prime Minister, and numerous high representatives of the Government, diplomatic corps and business representatives there. The VZMD President attended some B2B meetings, and he had business talks with some domestic and foreign representatives of companies as well. He was also present at the gala reception held by the EU Ambassador, and he attended the International Conference opening and FIC 2014 Expo.

The VZMD President is going to conclude the 8th international tour this week by attending the award ceremony of the prestigious awards »European Small and Mid-Cap Awards 2014«in Brussels, organised by the European Commission, EuropeanIssuers and Federation of European Securities Exchanges (FESE).

After this year's successful presentations in Belgrade, Bled, Bratislava, Brussels, Buenos Aires, Copenhagen, Grodno, Madrid, Montevideo, New Delhi, New York, Yaroslavl, Ouagadougou, Paris, Piran, Reykjavik and Tehran, and last year's in Astana, Almaty, Baku, Bled, Brussels, Buffalo, Bucharest, Cape Town, Celje, Dubai, Vienna,  Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!  

If you would like to take part in our events and activities, you are kindly invited to contact the VZMD investo.si programme coordinator by phone +386 31 770 771 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..

The prestigious »European Small and Mid-Cap Awards 2014« were given on Wednesday in Albert Hall in Brussels. The awards, which are granted by the European Commission, EurpoeanIssuers and the Federation of European Securities Exchanges (FESE), shall promote good practices, and encourage small and medium-sized enterprises to search for the capital through public offers of new shares.

The nominated companies are listed on securities markets: Borsa Italiana S.p.A, Euronext, London Stock Exchange, Mercado Alternativo Bursátil (MAB), NASDAQ, Oslo Bors, SIX Swiss Exchange and Warsaw Stock Exchange (WSE).

The winner in the category »Best new listed company 2014«is a logistics company ID Logistics Group SA, the first prize in the category »Most innovative newcomer 2014«was awarded to the Polish company FEERUM S.A., and the winner in the category »Most internationally-minded newcomer 2014« is Italia Independent Group. The first prize for the most promising company in the category »Rising star 2014«was given to the bio-pharmaceutical company Bionaturis.

Apart from numerous eminent participants, representatives and influential European companies, associations and institutions, the President of the PanSlovenian Shareholders' Association (VZMD) Mr Kristjan Verbič, MSc, also attended the award ceremony. Mr Verbič was visiting Brussels at the conclusion of this year's 8th tour of the VZMD international business-investment programmes Invest to Slovenia - investo.si in International Investors` Network - invest-to.net.

In Brussels the VZMD President also held a working meeting with the representatives of the European Federation of Financial Services Users EuroFinUse – Better Finance, and yesterday he met the representatives of the European Business Angels Network (EBAN). With the EuroFinUse representatives Mr Verbič mainly talked about the recent common remarks and opinions related to the European Directive Amendments and the upcoming traditional Investors' Conference in Wiesbaden in December, whereas with EBAN representatives the VZMD President spoke about the continuation and intensification of successful cooperation – after the last year's EBAN Conference in Vienna (investo.TV EXCLUSIVE VIDEO REPORT) and this year's conference in Helsinki the VZMD team will actively participate also at the »European Business Angels Investment Forum« in December in Istanbul.

Apart from visiting Brussels and Helsinki the VZMD representatives, in the framework of this investo.si and invest-to.net tour, in the past three weeks also participated in the delegation led by Directorate-General for Enterprise and Industry of the European Commission »Mission for Growth« at Cape Verde, and they were also present at four international conferences around Slovenia!.  

After this year's successful presentations in Belgrade, Bled, Bratislava, Brussels, Buenos Aires, Copenhagen, Grodno, Madrid, Montevideo, New Delhi, New York, Yaroslavl, Ouagadougou, Paris, Piran, Reykjavik and Tehran, and last year's in Astana, Almaty, Baku, Bled, Brussels, Buffalo, Bucharest, Cape Town, Celje, Dubai, Vienna,  Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!  

If you would like to take part in our events and activities, you are kindly invited to contact the VZMD investo.si programme coordinator by phone +386 31 770 771 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..

The official part of the visit of the delegation led by the management team of the General Directorate for Entrepreneurship and Industry at the European Commission "Mission for Growth" was concluded on Wednesday at the Cape Verde Island Santiago.

In the framework of the intense Tuesday's events the assembled participants were addressed, among others, by the Minister of Tourism, Investments and Entrepreneurial Development, the President of the Government Agency for the Promotion of Investments and Export »Cabo Verde Investimento«, the Ambassador of the European Union, and the President of the Chamber of Commerce there. Mr. Verbič also met the President of the Republic of Cape Verde, Jorge Carlos seco in the Presidential Palace. (VIDEO REPORT TCV from the reception held by the President of the Republic). After the meeting he also attended the organized B2B meetings in the framework of which he carried out 8 business meetings with domestic and foreign representatives of different companies and institutions, followed by the evening gala reception at the EU Ambassador's residence.  

The official part of the delegation's visit was concluded on Wednesday, when members of the delegation visited the headquarters of different companies dealing with energetics, farming and tourism, and at the end the delegation's members were also attending, at the invitation of the organisers, the opening of the resounding 18th International Expo Cape Verde, where they also met numerous high representatives of the Government, diplomatic corps, and business representatives there. The VZMD President discussed the possibilities of the increased cooperation also with the Prime Minister José Maria Neveso. (in the photo together with the Minister of Tourism, Investments and Entrepreneurial development, and the President of the Cape Verde Chamber of Commerce).  

After the additional talks, meetings and after having strengthened personal and business contacts, Mr Verbič is going to continue this tour with his visit to Brussels, and he is also going to attend the award ceremony of the prestigious »European Small and Mid-Cap Awards 2014«, which has been organised by the European Commission, Europeanissuers, and the Federation of European Securities Exchange (FESE).

Otherwise this three-week tour started with the participation of the VZMD representatives at four important conferences which took place across Slovenia. Before visiting the Cape Verde Islands the VZMD Presidents also visited Helsinki, where the International Conference of the European Network of Business Angels (EBAN) took place, and VZMD has been actively cooperating with it since the last year's conference in Vienna (EXCLUSIVE VIDEO REPORT: www.youtube.com/watch?v=5DXIsp5N6Ag). In December the VZMD team is going to, as agreed in Helsinki, also actively participate at the »European Business Angels Investment Forum«which will take place in Istanbul.

After this year's successful presentations in Belgrade, Bled, Bratislava, Brussels, Buenos Aires, Copenhagen, Grodno, Madrid, Montevideo, New Delhi, New York, Yaroslavl, Ouagadougou, Paris, Piran, Reykjavik and Tehran, and last year's in Astana, Almaty, Baku, Bled, Brussels, Buffalo, Bucharest, Cape Town, Celje, Dubai, Vienna,  Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!  

If you would like to take part in our events and activities, you are kindly invited to contact the VZMD investo.si programme coordinator by phone +386 31 770 771 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..

The PanSlovenian Shareholders' Association (VZMD), already for some time warned of the extremely unequal adjudication, to which investors in shares and subordinate bonds of Slovenian banks were exposed, when on 18 December of last year they were, upon the country's capital increase in three banks expropriated without replacement and deleted from the register without any legal opportunities of complaint. In conflict with the assertions of the Government of the Republic of Slovenia (RS) and the Bank of Slovenia (BS), as if to say that the measure was unavoidable and that the European Commission (EC) already from 1 August 2013 had demanded from every approval of state aid to banks, the PanSlovenian Shareholders' Association had until that time already many times warned, that the EC did not demand from the Republic of Austria that kind of measure, in the approval of state aid to Hypo bank (the case arose quite a lot of interest at the presentation of the President of the PanSlovenian Shareholders' Association at the Annual conference of the International network of law firms, the International Financial Litigation Network (IFLN), in May in New York).

And so as is, in the abovementioned case – now new cases are emerging (!) - Slovenia put in it its request for the approval of state aid for NLB on 7 January 2013, while Austria did the same for Hypo Bank on 29 June 2013; Slovenia finally defined the final applied aid amount on 9 December 2013, while Austria did the same on 27 August 2013; in both cases aid was announced before 1 August 2013, while the final amount of aid was defined after 1. August 2013. Nevertheless the EC approved state aid to Austria without intervention into the subordinate bonds of Hypo, while from Slovenia it, as the correspondence released by  Dnevnik and Mladina uncovers, demanded the commitment to the deletion of all subordinate bonds of NLB without replacement, all the way back from the beginning of September 2013 of NLB, and only upon the receipt of this commitment, approved state aid to that bank on 18 December 2013.

»This, in the interests of (the citizens) the Republic of Slovenia, is necessary to decisively oppose,« the President of the PanSlovenian Shareholders' Association once again warned the Governor of the Bank of Slovenia, at the International Conference of the International Monetary Fund and the National Bank of Poland, last week in Warsaw (in the photograph on the left), as he also already did already many times before that the, at that time, Prime Minister of Slovenia, mag. Alenka Bratušek and the minister, Dr. Metod Dragonja – in May at the Organisation for Economic Co-operation and Development (OECD) forum in Paris (in the photograph on the bottom right).

The report of the results of stress tests, which were released a few days ago by the ECB, explicitly expressed, that with regard to the described inequitable treatment of Slovenia in comparison with Austria, that this was not only a reflection of some kind of personal sympathy or antipathy of some Brussels bureaucrat, but an example of the treatment of Slovenia as an inferior member of the Union that can be seen in more instances also in comparison with other members. How can one otherwise explain the fact, that the ECB upon the implementation of the stress tests of Slovenian banks for 2014 took the forecasts, which were completely incompatible with reality and with respect to all discussed indicators that were explicitly worse than their actual, last known values?!

The most basic scenario, which may be the most plausible, is that the ECB so presumed, that this year's change in GDP in Slovenia would be the second worst in the euro sector, even though the latest data shows, that it to be the second best! That the negative stress test forecasts were the most unrealistic in Slovenia, is witnessed by the fact in regard to deviation between the last revision of the capital suitability of banks and the forecast suitability for the end of 2016 upon the unpleasant scenario: The ECB forecast for banks in Slovenia by far the greatest fall in capital suitability and respectively by 15 percentage points, followed by banks in Greece with 10 and in Cyprus with a fall of 9 percentage points; the ECB forecast banks in Portugal a fall of only 6, in Italy 5 and in Spain by only 2 percentage points!

With the exception of Slovenia, the ECB in all other countries, where movements are actually better than expectations from the beginning of the year (Greece, Cyprus, Spain), agreed to the use of fresh data (»dynamic«valuation), while only in Slovenia, where the improvements were the greatest, remained with the use of out-of-date, »static«and decisively more pessimistic assumptions, which consequently led to the worst and most unrealistic and pessimistic forecasts. Did it therefore act with a reason? Perhaps in the context of the sale of state acquired Slovenian banks and because this would be enough, that NLB and NKBM would once again find themselves on the »black list«, the Bank of Slovenia did not provide useful »proof«for its assertions, as if to say that last year's capital increase was not an overuse of taxpayer's money and that banks cannot pay off expropriated investors, as they need every euro of current capital?

The PanSlovenian Shareholders' Association therefore appealed to the ECB and the BS, that they clarify, which of them is responsible for the inequitable and completely unrealistic »static«balance sheet valuation of NLB and NKBM: did the ECB reject the suggestion of the BS for the use of fresh data, or did the BS »forget«to suggest this?!?

The report of the ECB in regard to the stress tests also uncovers a new specific example, where a foreign bank has been subject to a considerably more favourable proceeding than that, as the BS claims, is the only possible and also only correct one. The Italian bank Monte dei Paschi, for which the Republic of Italy declared state aid in June 2013 and the completed plan in November 2013 (therefore already after 1. August 2013), on 27 November 2013 received permission from the EC (europa.eu/rapid/press-release_IP-13-1174_en.htm), and also in regard to this the EC did not make the permission for state aid conditional with the deletion of subordinate bonds, as the balance sheet of Monte dei Paschi as at 30 June 2014 showed 3.3 billion euros in issued subordinate bonds. And still, in the report on the result of stress tests the ECB also uncovered, that Monte dei Paschi during this year executed the discounted purchase or exchange of its own subordinate bonds, although that measure alone did not suffice for the fulfilment of the capital adequacy of the bank and the stress test showed, that it now needs further fresh capital.

A similar situation exists in the Bank of Celje, which just as Monte dei Paschi has positive capital, however under the quotient demands of capital adequacy. However, when the Bank of Celje during the spring of this year suggested to the BS, that it would improve this adequacy with the discounted purchase or exchange of its own subordinate bonds, the Bank of Slovenia categorically forbade the Bank of Celje to do this, as if to say that this is not allowed, as without additional measures this will not suffice for the fulfilment of the capital adequacy of the bank. Because this also did not suffice in the Monte dei Paschi bank, the Italian Central Bank and the EC – likewise during the spring of this year(!) – despite this allowed that measure, an incensed mag. Kristjan Verbič asks himself: »Its all to do with extreme rigidity and »strictness«of the BS to yet another local bank (Bank of Celje) perhaps also for hidden motives – it all has to do with something of a legitimate suspicion of »those things forgotten«and probably the intentionally left out use of fresh, strong showing valuations of indicators of Slovenia with respect to the stress tests in relation to the two largest local banks NLB and NKBM – perhaps in the context of the sale under "whatever are possible" difficult conditions?!«

Otherwise in relation to the actual problems of the Bank of Celje, the president of the PanSlovenian Shareholders' Association, mag. Kristjan Verbič, also in the National Assembly of the Republic of Slovenia, during the October session of the Committee on Finance and Monetary Policy, upon the adjudication of the proposal for a temporary suspension of the individual articles of the contested amendment to the Banking Act (Banking Act 1L), in the discussion warned, that the Government of the Republic of Slovenia's own argument for a non-temporarysuspension of the contested Banking Act 1L was copied word for word from that, which the previous government wrote in December of last year, although the banking system from then on was thoroughly renovated and expressed outrage above all at the copied burden, that is perhaps the consequences of this law to "get rid of the constitutional appeal" and "so that it would not come to difficult-to-fix consequences", and highlighted, that is »a completely unnecessary expropriation, despite the economic damage and amount of distress, which has also already led to suicides, therefore it is necessary upon all the lies and stupid acts of the representatives of the Ministry of Finance of the Republic of Slovenia and the BS to face the facts, that it is a matter of long term and irreparable consequences,« and added, that »the authors of the arguments for the non-temporary suspension of the contested individual articles of the Banking Act 1L – besides the substituted name of the Minister – exactly those officials, for which the media recently exposed, already in the beginning of September last year – by email - negotiated, that the capital of NLB, d.d. will be, at the end of September 2013 negative (!!), that they will change the law in such a way, and that a fictitious calculation be made so as to demand the removal of all holders of subordinate bonds without replacement«. The released correspondence clearly shows, that the hereinunder officials of the Ministry of Finance thoroughly understood the inconsistency with the Constitution of the Republic of Slovenia and International banking law, and they pushed it through the law making procedure of the National Assembly of the Republic of Slovenia, with false execution and inevitability, legality, promises of transparency, etc., which the PanSlovenian Shareholders' Association already warned, that »it is actually a matter of national treason, for which the consequences will be borne by a greater number of the future generation«.

As part of the »Warsaw Capital Market Summit 2014« two-day international conference which took place at the Warsaw Stock Exchange, the Polish National Museum hosted a gala reception with the award ceremony for categories »The Bridge Award 2014«, »Best International Emerging Europe Long Fund 2013/2014« and »Best IPO on the Warsaw Stock Exchange 2013/2014« on Thursday night. The event in Warsaw was also attended by the President of the PanSlovenian Shareholders' Association (VZMD), Mr. Kristjan Verbič, MSc, who also attended an additional conference at the Warsaw Stock Exchange »Building Market Economies in Europe: Lessons and Challenges after 25 Years of Transition« on after the award ceremony on Friday, organized by the National Bank of Poland and International Monetary Fund. The conference was attended by numerous high representatives of central banks, investment funds, banks and financial institutions, among others also by Mr. Boštjan Jazbec, PhD, Governor of the Bank of Slovenia. Mr. Jazbec conducted an interesting panel discussion titled »The plumbing: financial sector development«.

As the panel participants, before Sunday reports on the European bank stress test results, did not touch upon either the current issue or the computation methodology issue, which in the case of Slovenian banks indicated professionally unfathomable negative capital, Mr. Verbič asked for the floor, but was kindly rejected. Nevertheless, Mr. Jazbec, the Governer, and Mr. Verbič had an intensive conversation regarding the current problems and issues related to the shocking expropriation of 100,000 shareholders of the three Slovenian banks, 2,000 holders of subordinated bonds and thus indirectly of 500,000 citizens (a quarter of inhabitants), with savings in the pension funds, trust and insurance companies totaling over EUR 500 million.

In addition, they touched upon the VZMD's request for disclosure of documentation regarding alleged requirements for and against expropriations in Slovenian banks, publicly offered by the Governor at Consultations on Slovenian banking development strategy, in March at the National Council, where he pointed out that he may provide all requirements and meeting minutes of Bank of Slovenia where they tried to avoid cancellation of subordinated bonds of Slovenian banks, but in the end it was simply requested to pursue the cancellation (by European Commission or European Central Bank?!). (Statement of the Governor - video by VZMD.tv and investo.tv).

In the evening, Mr. Verbič attended a special reception and dinner of central bank representatives, IMF and powerful financial institutions in the eminent Warsaw Palace of Culture and Science.

Moreover, numerous representatives of investment funds, banks, and law firms at both conferences were asking the VZMD President about the scandalous expropriation of Nova KBM, which was also listed in the Warsaw Stock Exchange.

On this occasion, the VZMD President used this opportunity to establish and strengthen business and friendly contacts in the framework of activities and efforts of VZMD international business investment programs: Invest to Slovenia (investo.si) and International Investor` Network (invest-to.net).

After this year's successful presentations in Belgrade,Bled, Bratislava, Brussels, Buenos Aires, Copenhagen,Grodno,  Madrid, Montevideo, New Delhi, New York, Ouagadougou, Paris, Piran, Reykjavik and Tehran, and last year's in Astana, Almaty, Baku, Bled, Brussels, Buffalo, Bucharest, Cape Town, Celje, Dubai, Vienna, Kiev, Ljubljana,Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!      

If you would like to take part in our events and activities, you are kindly invited to contact the VZMD investo.si programme coordinator by phone +386 31 770 771 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..

At the end of September the Annual Meeting and Investor Conference of the World Federation of Investors (WFI) took place in Vienna. The Annual Meeting and Conference, which were co-organised by the Austrian Association of Investors, took place in the renowned Villa Klimt and at the premises of the Raiffeisen Bank »Sky Lounge«. investo.TV & VZMD.tv  teams were following the events and a diverse programme this time as well, and they have prepared an exclusive VIDEO REPORT.

The eminent participants – representatives of 57 national associations of investors, various banks and corporations, Austrian Ministry of Finance and Central Bank, Vienna Stock Exchange and many others – were in the framework of the Conference discussing financial education and banking as well as business activities in Central and Eastern Europe and Russia.

The PanSlovenian Shareholders Association (VZMD), President Mr Kristjan Verbič, also attended the events in Vienna in the framework of this year's 7th tour of the VZMD international business-investment programmes Invest to Slovenia and International Investors` Network. Mr Verbič arrived in Vienna directly after he had been actively involved in the activities of the Slovenian Business Delegation whose four-day trip to an important Russian region Yaroslavl had been organised by the Public agency SPIRIT Slovenia. 

On this occasion in Vienna the representatives of the World Federation of Investors were otherwise informed about the recent events related to the shocking expropriation of shareholders and bondholders of the Slovenian Banks, and about the letter which has recently been sent by VZMD to important international financial institutions. The eminent participants have expressed their concern and surprise over such conduct and over the inaction of the regulators and the competent institutions.   

Some participants have already heard about these alarming actions and VZMD efforts, since Mr. Verbič, exposed the problems and VZMD endeavours in detail in May this year at the Annual Conference of the International Financial Litigation Network in New York, and in February and April at the Conferences of the European Federation of Financial Services Users at the European Parliament and in Madrid. 

At the end of this international tour VZMD President presented these acute problems again at the Conference Better Finance in Brussels, where he arrived from Vienna. As a Board Member of the European Federation of Financial Services Users Mr Verbič in Brussels attended the presentation of the Report »Private Pensions: The Real Returns«.

As usually, suitable presentations of companies, institutions and investment projects included in the two VZMD business-investment programmes: investo.si and invest-to.net were also provided this time during all occasions, events and conferences. 

After this year's successful presentations in Belgrade, Bled, Bratislava, Brussels, Buenos Aires, Grodno, Copenhagen, Madrid, Montevideo, New York, Yaroslavl, New Delhi, Ouagadougou, Paris, Piran, Reykjavik and Tehran, and last year's in Astana, Almaty, Bled,  Baku, Brussels, Buffalo, Bucharest, Cape Town, Celje, Dubai, Vienna, Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!     

If you would like to take part in our events and activities, you are kindly invited to contact the VZMD investo.si programme coordinator by phone +386 31 770 771 or e-mail: info@investo.si. 

The Annual Meeting and Investor Conference of the World Federation of Investors took place on 25th and 26th September in Vienna. The Annual Meeting and Conference, which were co-organised by the Austrian Association of Investors, took place in the renowned Villa Klimt and at the premises of the Raiffeisen Bank »Sky Lounge«, along with a diverse accompanying programme.

The eminent participants – representatives of 57 national associations of investors, various banks and corporations, Austrian Ministry of Finance and Central Bank, Vienna Stock Exchange and many others – were in the framework of the Conference discussing financial education and banking as well as business activities in Central and Eastern Europe and Russia.

The PanSlovenian Shareholders Association (VZMD) President Mr Kristjan Verbič, also attended the events in Vienna in the framework of this year's 7th tour of the VZMD international business-investment programmes Invest to Slovenia (investo.si) and International Investors` Network (invest-to.net). Mr Verbič arrived in Vienna directly after he had been actively involved in the activities of the Slovenian Business Delegation whose four-day trip to an important Russian region Yaroslavl had been organised by the Public agency SPIRIT Slovenia. 

On this occasion in Vienna the representatives of the World Federation of Investors were otherwise informed about the recent events related to the shocking expropriation of shareholders and bondholders of the Slovenian Banks, and about the letter which has recently been sent by VZMD to important international financial institutions. The eminent participants have expressed their concern and surprise over such conduct and over the inaction of the regulators and the competent institutions.   

Some participants have already heard about these alarming actions and VZMD efforts, since Mr. Verbič, exposed the problems and VZMD endeavours in detail in May this year at the Annual Conference of the International Financial Litigation Network in New York, and in February and April at the Conferences of the European Federation of Financial Services Users at the European Parliament and in Madrid. 

At the end of this international tour VZMD President presented these acute problems again at the Conference Better Finance in Brussels, where he arrived from Vienna. As a Board Member of the European Federation of Financial Services Users Mr Verbič in Brussels attended the presentation of the Report »Private Pensions: The Real Returns«.

As usually, suitable presentations of companies, institutions and investment projects included in the two VZMD business-investment programmes: investo.si and invest-to.net were also provided this time during all occasions, events and conferences. 

After this year's successful presentations in Belgrade, Bled, Bratislava, Brussels, Buenos Aires, Grodno, Copenhagen, Madrid, Montevideo, New York, New Delhi, Ouagadougou, Paris, Reykjavik and Tehran, and last year's in Astana, Almaty, Bled,  Baku, Brussels, Buffalo, Bucharest, Cape Town, Celje, Dubai, Vienna, Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!   

After this year's successful presentations of companies, institutions and investment projects in: Belgrade,Bled, Bratislava, Brussels, Buenos Aires, Copenhagen,Grodno,  Madrid, Montevideo, New Delhi, New York, Ouagadougou, Paris and Tehran, and last year's inAstana, Almaty, Baku, Bled, Brussels, Buffalo,Bucharest, Cape Town, Celje, Dubai, Vienna, Kiev, Ljubljana,Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!     

If you would like to take part in our events and activities, you are kindly invited to contact the VZMD investo.si programme coordinator by phone +386 31 770 771 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..

A press conference and the presentation of report entitled »Private Pensions: The Real Returns«took place yesterday late afternoon at the premises of the Brussels Press Club. The report has been prepared by the European Federation of Financial Services Users (EuroFinUse-Better Finance).

After being actively involved in the activities of the Slovenian business delegation, whose business trip to an important Russian region Yaroslavl was organised by the Public Agency SPIRIT Slovenia, and after having attended the Annual Meeting and Conference of the World Federation of Investors (WFI) in Vienna, the VZMD President Mr Kristjan Verbič, MSc, also visited Brussels where he was attending the Conference as a Board Member of EuroFinUse. Mr Verbič visited Brussels in the framework of this year's seventh tour of the international business-investment programmes of the PanSlovenian Shareholder's Association (VZMD): Invest to Slovenia (investo.si) and International Investors` Network (invest-to.net).

Yesterday, directly upon his arrival from Vienna, Mr Verbič, MSc, visited the EuroFinUse premises where he was received by the Managing Director Guillaume Prache and his work colleagues. Mr Prache presented this important report together with the EuroFinUse President Mr Jean Berthon. More than 50 representatives of the European Commission, The European Parliament, insurance associations, funds, banks, stock exchanges, pension boards, savings councils, institutions and committees attended the Conference which was, apart from numerous journalists, also attended by the representatives of the Pan-European Issuers Association (EuropeanIssuers). EuroFinUse as well as VZMD have already successfully cooperated with EuropeanIssuers several times.

As in Vienna, the VZMD President also on this occasion informed the eminent participants and media representatives about the recent events related to the shocking expropriation of shareholders and bondholders of the Slovenian Banks, and about the letter which has recently been sent by VZMD to some distinguished international financial institutions.   

The Slovenian business delegation, whose visit to Russia has been organised by the Public Agency SPIRIT Slovenia, arrived in the Russian region Yaroslavl on Sunday. The business delegation comprises 30 representatives from 21 companies and institutions. 

On Monday the business delegation members visited, among other things, industrial park Novoselki, some Russian companies and providers of tourist services, and yesterday they attended the Russian-Slovenian business seminar and investment forum with B2B meetings, which took place at the premises of the Government of the Yaroslavl region. Delegation members were received and addressed by the Governor of the Yaroslavl region Mr Sergey N. Jastrebov. More than 100 representatives of the Russian companies and institutions were present, among others also the following representatives: Deputy Governor Mr Dmitry Mikhailovich, Director of the Investment Policy of the Region Mr Zolotovskii Andrey, Director of the Department for Industrial Policy of the region Mr Polishchuk Sergey, the Head of Tourism Agency Vetoshkina Julia Albertovna, and numerous other eminent participants.       

In the framework of this year's seventh tour of the PanSlovenian Shareholders' Association (VZMD) international business-investment programmes: Invest to Slovenia (investo.si) and International Investors` Network (invest-to.net) the VZMD President Mr Kristjan Verbič, MSc, is actively involved in the activities of the business delegation. On this occasion a special presentation catalogue was published, and you can have a look at it below. 

After yesterday's evening reception, which had been organised by the Government of the Yaroslavl region for the Slovenian businessmen as well as for the businessmen there, Mr Verbič is today departing for Vienna, where he will be participating at the Annual Meeting and Investor Conference of the World Federation of Investors (WFI). Investo.TV team will also be present there, and they are going to prepare news coverage about the events in Vienna. As usually, suitable presentations of companies, institutions and investment projects included in the investo.si and invest-to.net programmes will also be provided this time.

After this year's successful presentations of companies, institutions and investment projects in: Belgrade, Bled, Bratislava, Brussels, Buenos Aires, Copenhagen, Grodno,  Madrid, Montevideo, New Delhi, New York, Ouagadougou, Paris and Tehran, and last year's in Astana, Almaty, Baku, Bled, Brussels, Buffalo, Bucharest, Cape Town, Celje, Dubai, Vienna, Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, the two VZMD international business-investment programmes continue to provide for their partners effective presence and presentations on five continents!        

If you would like to take part in our events and activities, you are kindly invited to contact the VZMD investo.si programme coordinator by phone 031 770 771 or e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.. Those who were participating in the business delegation this time, are presented in a special brochure: "Slovenian Business mission to Yaroslavl in Russian federation".