Slovenia entitled to EUR 3.9 million of frozen funds of National Bank of Yugoslavia

(Photo: I.Vukša)

According to a release published on the website of the Ministry of Foreign Affairs of Slovenia, the bank is to distribute the frozen funds among the successor states to the SFRY, in compliance with the provisions of the Agreement on Succession Issues, Beta news agency reports.

The Slovenian high representative for succession issues, Ana Polak Petric, welcomed the judgement, which considered the arguments presented by the successors to the SFRY, the release reads.

Credit Lyonnais is the last foreign commercial bank to hold funds of the former common state. The successor states still have to distribute the funds in the remaining banks of the SFRY with mixed capital.

The Slovenian High Representative underlined that the decision of the Paris Court is a result of the coordinated action of Slovenian institutions dealing with succession, and particularly the joint and united appearance of ambassadors of the SFRY successor states in Paris.

The Credit Lyonnais Bank froze the funds of the National Bank of Yugoslavia on the basis of decisions issued in the 1990s, when it was unknown which the successor states were and who was entitled to the funds.

Despite numerous requests from the successor states, the Credit Lyonnais refused them in the absence of a relevant court decision or written authority. Therefore, the National Bank of Serbia initiated proceedings in Paris in 2013, which other successor states to the SFRY joined as voluntary intervenors.

In the recent judgement, the Court in Paris confirmed the arguments made by the successor states and ordered Credit Lyonnais to distribute the frozen funds of the former SFRY in compliance with the Agreement on Succession Issues, to pay damages and interest, and cover the costs, it is said in the release.