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National Property Fund gets advice

A FINANCIAL company, Benefit Finance, will advise privatization agency National Property Fund (FNM) in the sale of claims amounting to Sk10 billion (€256 million), the SITA news agency wrote. Benefit Finance won the engagement through a tender process.

"The whole public tender procedure will be in line with the Commercial Code," FNM president Jozef Kojda said. The privatization agency would like to complete the sale of its claims package by the end of the year.

FNM vice-president Daniel Végh said the agency was unable to claim its rights in some cases where it has a creditor position. "That's why we are selling some claims," he said.

Kojda stated that the recovery rate of claims in the FNM portfolio ranges from 2 to 100 percent. "In bankruptcy proceedings, the FNM reached a maximum recovery rate of 80 percent; however, in some cases it was almost zero," he said.

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