The president of the Proprietatea Fund (FP) Alexandru Paunescu found himself in the impossibility to explain how come that the FP bonds are sold on the black market, while he avoided to specific a date when the FP is to be traded on the exchange market during the press conference on Tuesday.
The FP bonds are sold on the black market at 50% of their value. Paunescu cannot explain this phenomenon as the bonds can only be passed to other owners by succession.
Last week, the European Court for Human Rights ruled in favour of two Romanians who had sued the Romanian state for having sold their apartment, nationalized during the communist rule.
The ECHR decided the State give back the apartment to the two Romanians and 75,000 Euros in moral damages, but it also decided that the Fund does not function in a proper manner as the bounds are not proportionate with the loss of its members.
Alexandru Paunescu admitted that the ECHR ruling has created a dangerous precedent.
Up to the moment, FP has 97 share holders owning 0.29% of the capital.
The Proprietatea Fund represents an attempt to provide restitution to the victims of the abusive confiscations of their homes and properties by the Communist authorities after 1945. The Fund boast 4 billion Euros for the restitution, but the funds can be supplemented to cover the entire loss of the victims, according to Paunescu.