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Deputies voted for sale of 5% of Saving House stock to employees

Marţi, 23 mai 2006, 0:00

The House of Deputies endorsed an ordinance that entailed the sale of 5 percent of the Romanian Saving House stocks to the employees on Tuesday. The draft law establishes the patrimony of the institution and a commission to deal with the privatization process, but covers also issues such as the dismissal of the employees and the compensatory salaries.

While 69.9 percent of the CEC shares will be sold to a strategic buyer, 5 percent are to be sold towards current employees or pensioners that had their last job at CEC, at the same price.

The draft law stirred virulent reactions from the opposition parties the Social Democrats and the Conservatives who accused the law’s initiators of showing indifference towards the customers that lost their savings by not entailing a clause that ensures damages recovery. 37,000 persons lost CEC bonds due to the money devaluation since 1989 on.

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