Ursache calls for Proprietatea Fund capital to be diminished

The Authority for Credit Asset Resolution (AVAS) will put for passage by Parliament a string of amendments on Proprietatea Fund, among which ‘bringing up to date’ the price per share from RON 1 to RON 0.77 and eliminating the obligation by the Finance Ministry to hold a public tender, Mediafax reported the AVAS president, Mircea Ursache, as saying. The AVAS official also stated that a second amendment refers to the face value per share being pried down from RON 1 to RON 0.77, which is the level resulted from the appraisal late last year. A third amendment to be put forth for passage deals with the obligation being eliminated for the Finance Ministry to unfold sales by public tend, namely to amend the provisions on listing the Proprietatea Fund at the Bucharest Stock Exchange. The AVAS president also said he hopes for the two amendments to pass by the end of the week.

The Authority for Credit Asset Resolution (AVAS), could have compensated 2006 through 2008 all the 23,000 deponents of the national Investment Fund (FNI), yet it transferred the bulk of relevant funds to the state budget thanks to a ‘serious negligence’, the AVAS president, Mircea Ursache, said. Although it had the money, and the funds were included in the AVAS budget for the years concerned, the institution did nor make the payments but transferred the amounts to the state budget, ‘a grave negligence,’ Ursache, member of the Social-Democrat Party, said.

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