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ZF English

Malaxa lawyer: Property Fund must float because the heirs are passing away

Mark Meyer, the lawyer who acts on behalf of the Malaxa and Auschnit families, says the flotation of the Property Fund must not be postponed any more because some of the shareholders of the Property Fund died awaiting compensations. "The children of the major inter-war industrialists, whose properties were seized by the communist regime, are now elderly people. Robert Auschnit (son of industrialist Max Auschnit) died without being awarded compensation, and Steve Auschnit is 82. The Fund's shareholders died waiting to be awarded damages. The Fund's flotation must not be put off any further," Mark Meyer, a partner with law firm Rubin Meyer Doru & Trandafir, told ZF. The heirs of Nicolae Malaxa and Max Auschnit families control almost 8% in the Property Fund and are its most significant private shareholders. Philip Palade and Loreen Ellen Malaxa, Steve and Nuria Auschnit settled in the USA several decades ago. They are entitled to receive over 400 million dollars in damages from the Property Fund, and got one billion shares in the Property Fund instead of the money, but cannot sell them in a transparent manner because the Fund is not listed.

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