Jutarnji List daily of Tuesday published a letter by Sepic in which he accused Chief State Prosecutor Mladen Bajic, the executive authorities, politicians and bankers of interfering with the work of courts.
Sepic accused bankers of instructing court presidents which cases they should deal with and of working in collusion with the executive authorities.
"It is sad for a judge who used to hold a senior position in the judiciary to give statements which only reveal ignorance and complete detachment from reality," the HUB said in a statement adding that it supported an efficient and corruption-free judiciary.
Bankruptcy proceedings and the sale of financially restructured banks were always in line with the existing legislation and if negative cases did occur they were caused by incomplete legislation and inappropriate implementation of laws, the HUB said in the statement.
Martina Mihordin, spokeswoman for the Office of the Chief State Prosecutor, told Hina the Office had no comment on Sepic's accusations, and Prime Minister Ivo Sanader told reporters during a visit to Mali Losinj that the government would not respond to the accusations either.
Sepic was one of the candidates for the post of president of the High Commercial Court, but Justice Minister Ana Lovrin turned down applications and appointed an acting court president. Before this decision, the Office of the Chief State Prosecutor requested the State Judicial Council to strip Sepic of immunity so that it could launch an investigation against him and several other commercial court judges on suspicion of abuse of office in a bankruptcy case.