FNM ceased to exist - or was re-born

THE NATIONAL Property Fund (FNM) which was established after the fall of communism to control privatisation of state-owned companies, including strategic ones, was abolished at the end of 2015.

National Property Fund (FNM) building National Property Fund (FNM) building (Source: Sme)

The sometimes problematic fund, which in the 1990s, during the terms of the government of Vladimír Mečiar used to sell state companies to intertwined firms and cronies, was allegedly under the influence of the investment group Penta during the second government of Mikuláš Dzurinda, according to the alleged SIS file Gorilla.

SkryťTurn off ads
Article continues after video advertisement
SkryťTurn off ads
Article continues after video advertisement

Now, over 23 years since its establishment, this institution was scrapped on December 31 at midnight, the Sme daily wrote on January 4. The ruling Smer party as well as the opposition approved the cancellation back in November but in fact it has just been renamed and its public control will now be even more complicated.

SkryťTurn off ads

Its assets, employees, archives and work of the fund will be transferred to a new state joint-stock company MH Manažment, but in fact the rules of its functioning will be less transparent than under the FNM. MH Manažment will have to publish on the internet only some contracts, instead of all, according to Sme.

Of the shares that were transferred to the company from FNM, most are bankrupt, despite the stated official value of about half a billion euros. The most valuable shares are those of regional bus hauliers and in six heating companies.  

The FNM has temporarily stopped taking over worthless securities from the first voucher privatisation. Those citizens who still own them will be able to transfer them again for free starting January 25. 

Top stories

Pulling strudel dough until it is thin enough to read a newspaper underneath.

Cooking with Babička: Pull strudel to connect with others

Most of us want quick recipes for our busy lives; making pulled strudel, however, is a recipe of mindfulness and connection.


27. may
Jupiter (centre) and its Galilean moons: from left Ganymede, Io, Europa and Callisto. Juice with deployed antennas and arrays is in the bottom right.

From Košice to Ganymede: Slovak engineers are leaving their mark in space

Slovaks are active participants in two ongoing space missions.


20. may
Vápenná

3 things to do in Bratislava for free in the next seven days

Cycle through the streets of Bratislava this Friday or visit a photo exhibition of Korean nature and culture.


25. may

Huge hike in public transport fares for capital

Cost of tickets to rise after July 1 by average of 20 percent, mayor says.


24. may
SkryťClose ad