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State could pay for delay in Mečiar bonds

The one-year delay in the redemption of FNM (National Property Fund) bonds, approved by Mečiar's government in 1995 as compensation for the cancelled second wave of voucher privatisation, will likely cost the state tens of millions of crowns, the daily Pravda wrote on December 12.

The one-year delay in the redemption of FNM (National Property Fund) bonds, approved by Mečiar's government in 1995 as compensation for the cancelled second wave of voucher privatisation, will likely cost the state tens of millions of crowns, the daily Pravda wrote on December 12.

The FNM redeemed a security in the par value of Sk10,000 at the end of 2001. The Irish firm Jojan appears to be heading towards a victory in its lawsuit against the fund, for late interests on behalf of bond holders, the daily wrote. If it is defeated, the FNM would lose tens of millions of crowns.

The FNM is aiming for a cheaper out-of-court settlement.

-SITA

Compiled by Zuzana Vilikovská from press reports

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