The postponements of the listing of Fondul Proprietatea(Property Fund) on the Stock Exchange in the last two years haveled to an increasing sophistication of transactions with FP shares,from newspaper ads through to complex products listed on foreignmarkets and have hijacked the fund from its original purpose:equitable and transparent compensation of owners stripped of theirproperties by the communist regime.
The outlet that local authorities offered former owners in 2008,to trade shares of Fondul Proprietatea through the CentralSecurities Depository became a way in for professional investorssuch as investment funds and speculators.
By postponing the listing, the various managements of FP in thelast two years offered funds and individuals the necessary time toaccumulate important stakes in the Fund, while pressing the oldowners to sell the shares received in compensation at prices muchlower than the 1-RON nominal value at which their compensationswere appraised. Therefore, what was intended to be a compensationfor the fact that the Fund is not listed on the Bucharest StockExchange (BSE) turned into an opportunity for profit for entitiesthat have nothing to do with the process of awarding damages toformer owners - the purpose for which the Fund was set up.
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