Changes to Slovak privatisation fund to become effective from tomorrow

As of the beginning of July, the structure of the government's privatisation agency, the Slovak National Property Fund (FNM) will change.

As of the beginning of July, the structure of the government's privatisation agency, the Slovak National Property Fund (FNM) will change.

In line with a revision to the privatisation law which parliamentary deputies approved in January of this year, the nine-member fund's presidium will cease to exist and the number of executive board members and supervisory board members will shrink.

In line with the approved draft revision to the privatisation law, the fund's executive board will have five members instead of the current eleven, and the supervisory board will have three members as opposed to the current seven. The Economy Ministry stated in its proposal that following the changes to the fund's structure, the number of employees will be reduced.

It is not clear how long the new organisation structure of the National Property Fund will be effective. The new centre-right ruling coalition has included the complete dissolution of the fund among its governing programme priorities, the SITA newswire wrote on June 30.

The FNM, established in 1991, controlled the transfer of state assets to private entities through privatisation. Currently, the fund fulfils duties related to completion of restitution claims, ongoing lawsuits and fulfilment of all "open" privatisation contracts, including related liabilities and receivables.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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