Communism Victim Gets 1.74% Stake In Proprietatea Fund

05.23.2011 By Andrei Circhelan

Property restitution agency ANRP on Friday ordered the transfer of a 1.74% stake in investment fund Fondul Proprietatea (FP.RO) from the Finance Ministry’s portfolio to that of a party disowned by the communist regime.

Calculated on the latest market price, the stake reaches a value of 120 million lei (EUR29 million), and it is the largest stake used to repay a former owner since debt to stock conversions were restarted on May 2.

As such, the stake owned by the state in the Proprietatea fund narrowed to 34.64%, from 36.79%.

At the end of April, foreign investors held 31.03% of the fund, while local investors held 32.18%.

The Proprietatea fund is a closed-end investment fund created to compensate those whose property cannot be returned in kind after being abusively seized by the communist regime.

Proprietatea stock closed down 0.99% on the day Monday, to RON0.5015. (EUR1=RON4.1263)