2m-euro dividends for heirs of dispossessed interwar magnates

The inheritors of magnates Nicolae Malaxa and Max Auschnitt will collect dividends worth almost 2 million euros in all for their 7.85% stake in Property Fund. The heirs of interwar tycoon Nicolae Malaxa (former owner of the Faur, Tohan Zarnesti and of hardware stores Magazinele de Fierarie in Galati) hold a little over 7.5% of the shares of Property Fund (set up in order to compensate owners dispossessed by the communist regime). This stake entitles them to collect 1.85 million euros, while heirs of Max Auschnitt’s (former owner of Uzinele Resita plants) are due to receive over 100,000 euros. The Property Fund has announced it will propose the disbursement of dividends worth 90 million RON (24.6 million euros) in all, from the net profit for 2007, with the gross dividend being around 2.5 times higher than the previous year.