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National Property Fund late in paying out bonds worth Sk484 mln.

The National Property Fund (FNM), the government’s privitisation fund, has not yet paid out 37,158 bonds worth Sk484 million (€16.07 million). As an alternative to the second wave of so-called “voucher privatisation” in 1994, a so-called bond privatisation was organised in which the FNM issued about 3.3 million bonds at a par value of Sk10,000 each and with five-year maturity in 1995.

The National Property Fund (FNM), the government’s privitisation fund, has not yet paid out 37,158 bonds worth Sk484 million (€16.07 million). As an alternative to the second wave of so-called “voucher privatisation” in 1994, a so-called bond privatisation was organised in which the FNM issued about 3.3 million bonds at a par value of Sk10,000 each and with five-year maturity in 1995.

Most of the bonds were paid out in 2001. According to its information, the FNM registered 37,567 outstanding bonds worth Sk489 million (€16.23 million), of which it paid out 409 bonds in the value of Sk4.999 million (€165,900) this year. The fund registers persons to whom it is to pay out bonds for Sk13,564 (€450.2) per bond, and owners who are to receive Sk11,426 (€379.3) a piece. The second category consists of people who became 70 by November 19, 1996.

A large number of the outstanding bonds relates to deaths of eligible holders, terms for inheritance proceedings or ignorance as well as oblivion. The FNM currently registers 185 receivables of approximately Sk5.4 billion (€179.2 million), of which 129 relate to privatisation contracts. SITA

Compiled by Zuzana Vilikovská from press reports
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