Representatives of the Proprietatea Fund, a fund aimed at compensating Romanians for properties confiscated by the former Communist regime, opened today the technical and financial offers submitted by five law firms interested in providing international consultancy for the fund.

The five firms are Allen&Overy, Latern Corporation Ltd, Salans, Shearman&Sterling LLP and Freshfields Bruckhaus Deringer.

A tender will be organized and the winning company is due to be revealed on March 22.

The international judicial consultant will produce the task book for the company which will manage the fund and will organize the tender for its selection.

The Proprietatea Fund has been officially established in late 2005 and holds stocks from 114 state companies, with a social capital of 3.9 billion euro.