A new book by the economist and archive researcher Dr Rado Pezdir is coming in September, in which he has tackled the parallel economy of the new ruling class from 1945 to 2020. In it, he presents the Yugoslavia’s State Secretary Administration’s financial network of off-shore companies, developed by Niko Kavčič, and then continues with the actions of Janez Zemljarič, Drago Isajlović, Milan Kučan, and the new generation of transitional tycoons – Darko Horvat. All of them were characterised by the depletion of the Slovenian economy and the banking system. The book will be a real bomb for the criminals who have never been held accountable for their actions due to the continuous political support they have been receiving. Now is the time for the people to learn about them.
At the end of September, a new book by the economist Dr Rado Pezdir, entitled The Parallel Mechanism of the Deep State, is coming out. “The book is now in print! Six hundred and twenty-four pages about the epic parallel mechanism from 1945 to 2020 will soon be waiting for you,” the author announced on Twitter. Among other things, the book also reveals the structure of Darko Horvat’s business network during the time of the finalisation of credit depletion from the Slovenian banking system. Economist Dr Pezdir has previously already written about how Horvat, the co-owner of the bank and the well-known business system Aktiva, created 170 million euros of debt by depleting his own holding company and hiding the ownership in tax havens. Pezdir has also previously explained how Horvat created a network of companies among which borrowed money circulated freely, and his system was basically very simple. He built such an extensive network of companies that took each other over, changed names, addresses, and even countries that it soon became completely unclear to all but those who actually built this network, where the capital was being hidden. The funds, however, entered this network, which was constantly changing, through bank loans.
We have previously already written about how Horvat also played one of the key roles in the Faktor bank – he had his share in it, which he owned through the Aktiv invest and the straw Swiss company Hiram Holdings. He also used his role to strengthen his financial network Aktiva Investments. The new network inside the Faktor bank was then created by Horvat and Andrej Ručigaj through the gardening company Vrtnarija Lada. This company was also associated with Aktiva holding. IN 2008, another six million euros thus trickled from the Faktor bank to the company. The loans were, once again, approved by Horvat and Ručigaj. However, they committed another scam in 2010, when they arranged the extension of a loan of more than ten million euros for the Dutch Aktiva Holdings by pushing it into bankruptcy under another name, CG Venture.
In the book, you will find proof of the many thefts of the transitional tycoon
“In order to better understand what schemes Horvat was implementing, let us take a quick look at the already well-known example of the transfer of a loan from the company Aktiva Investments to Vrtnarija Lada,” Dr Pezdir suggests in his book. With the permission of the creditor, the Aktiva Investments company transferred the million-euro loan it received from one of the Slovenian banks to the company Vrtnarija Lada. We can only speculate why this was done, but the most likely scenario is that this made it possible for Aktiva Investments to obtain new loans. But Vrtnarija Lada was not even creditworthy at the time, according to its business statements, Pezdir pointed out, adding that it was unable to repay the loan which was transferred to the company with the knowledge of the bank. The company had no income and was not going to get any because it was operating poorly. It was constantly recording a loss, and its total assets were in the form of inventories, which were being tossed around the balance sheet year after year. So technically, they did have something they could have sold, but they could never do that, and they were not even doing business. And finally, even if the company sold out the stock, the transferred credit would have never been repaid. “It is hard to say that the bank did not know about this, because you can quickly find out for yourself that the opposite is true, if you look for the company Vrtnarija Lado in the Gvin register, and look at their business statements,” is just one of the many findings from Pezdir’s book.
“What we have to acknowledge when it comes to Horvat is that he has a very good understanding of human nature, as the ability to process very complex constructions is limited in humans. Thus, over time, practically everyone lost track of the money they lent him, and they lived in the illusion that at least the credit insurances are adequate,” Dr Pezdir also wrote in his new book, adding that in such transactions, insurance was not even a thing at the time.
Sara Bertoncelj
