MEDIA ADVISORY

SDSM WELCOMES DECISION BY LEAD BANKS TO POSTPONE MACEDONIA 600 MILLION EUROBOND ISSUE
Party President Zoran Zaev questions the legitimacy of the Ministry of Justice to issue Legal Opinion

We welcome the decision of the banks to postpone the proposed EUR 650 million bond issue by the ruling regime in Macedonia until such time that there is proper legal authority in place.

Proper legal authority may only be in place once a legitimate Government is democratically elected at the forthcoming elections, or the principles and legal obligations arising out of the all party Przino agreement brokered by the USA and the EU are adhered to prior to that.

Since February 2015 Macedonia has been embroiled in Government crime and corruption scandals, including the systemic corruption of the judicial system, which has been well documented by the International Community. The USA and the EU have on several occasions issued statements or made official comments relating to persistent rule of law issues, preparation of credible elections that could be recognized by the international community, retrograde steps that move the country further away from its aspirations toward European Union accession and returning Macedonia to a path of Euro-Atlantic integration.

Mr. Zaev said: “Today, the rule of law in Macedonia does not exist. This is well documented. The lead arrangers and investors may not rely on any ruling by Macedonia’s Ministry of Justice – as this Ministry has been corrupted by the same disgraced politicians that have resigned their posts because of allegations of corrupt and criminal behaviour. It is a public secret that these same politicians continue to pull the strings from behind the scenes.”

Any ruling by the Ministry of Justice, under the current political climate in the Republic of Macedonia, which has stripped the Ministry of Justice from legitimacy, cannot be relied upon by Banks or investors or that that ruling will hold in the future or that it will not be overturned.

Mr. Zaev continued that “when a legitimate Government is in place, we will make it a priority to challenge the legality of any such bond at the level of the constitutional court. Investors should be aware that repayment of their money might be at risk”.

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SDSM is the largest opposition party in Macedonia and was created in 1990. It currently has over 80,000 members and 34 Members of Parliament.