Owners Of Seized Property Start Getting Compensations Tuesday

Former owners whose property was seized during communism and who chose to receive cash instead of shares in investment fund Fondul Proprietatea start receiving compensations Tuesday, Nov. 20, economy and finance minister Varujan Vosganian said Monday.

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The Fund paid dividends of RON28,797,328 on the shares held by the Romanian state and the money will be used to compensate owners who opted for cash.

The government decided recently to supplement by RON33 million the funds used to compensate former owners.

Romania, through the Ministry of Economy and Finance, is the majority shareholder in Fondul Proprietatea, while private holders came to own a joint 11.26% stake in the fund end November.

Until the investment fund is listed on the Bucharest Stock Exchange, former owners may choose to cash in up to RON500,000 in compensations.

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