The Law firm Allen & Overy won the national bid for the Proprietatea Fund, a fund aimed at compensating Romanians for properties confiscated by the former Communist regime, for providing international juridical consultancy, said on Wednesday the president of the Fund Nicolae Ivan.

Five companies submitted offers: Allen&Overy, Latern Corporation Ltd, Salans, Shearman&Sterling LLP and Freshfields Bruckhaus Deringer. The financial offer pondered 60 per cent, and the technical offer 40 per cent.

The judicial consultant will play a technical role, and has to work on the tender task book and on the bid organization. It will also organize conferences to announce the launching of the Proprietatea Fund and will provide consultancy for the negotiations involving the fund.

A proposal regarding the trading of Proprietatea Fund shares on the stock exchange was made and it was expected that by the mid April a decision will be made in this regard.

FP has been initiated in order to compensate the property owners expropriated during the communist regime that cannot be given back the properties in case. The Fund holds shares of 114 state companies with a total social capital reaches 3.9 billion Euros.