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FNM prepares to shut down

SLOVAKIA's privatization agency, the National Property Fund (FNM), is preparing to close at the end of this year.

FNM president Jozef Kojda told the daily SME that, "this institution can close as of December 31."

It is expected that the FNM's assets will be taken over either by the Economy or Finance Ministries. The FNM is preparing the documents needed for the closure.

According to SME, the FNM's existing claims should either be sold or transferred to the bailout agency Slovenská konsolidačná.

The FNM was created in 1991 in order to administer the state's stakes in firms and oversee whether investors are meeting the commitments they made when buying the companies.

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