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Compensation for victims of unlicensed deposit companies in doubt

The process of compensating clients of bankrupt unlicensed deposit companies, who suffered damages when a series of such companies collapsed in 2002, has reportedly encountered a serious problem.

The process of compensating clients of bankrupt unlicensed deposit companies, who suffered damages when a series of such companies collapsed in 2002, has reportedly encountered a serious problem.

Finance Minister Ján Počiatek and his staff have said they do not know who should be compensated, and that no court or law has defined what an unlicensed deposit company is and who a damaged client is, the Hospodárske Noviny (HN) financial daily reported on February 25.

A source close to the Finance Ministry told the daily that Počiatek lacked the fundamentals to determine the volume of compensation which should be paid by the state. Ministry spokesman Miroslav Šmál confirmed that Počiatek would submit a proposal on the level of compensation by the end of this week. Šmál also said the proposal would not contain anything dramatic. HN

Compiled by Zuzana Vilikovská from press reports
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