Fondul Proprietatea (Property Fund-FP) is today starting distributing dividends worth 1.12bn RON (263m euros) from the net profits generated in 2008 and 2009. All the fund’s shareholders registered with the Central Depository by September 27 will receive dividends.
The decision to award dividends was made during the September 6
General Meeting of Shareholders, getting the approval of the
Finance Ministry, the Fund’s main shareholder, which held 49% in
stock at the date of the meeting. The Finance Ministry supported
the decision to award dividends and their rapid distribution in
order to plug its cash gap.
The move can be considered as discriminatory as the former owners
who got FP shares by September 27 will receive dividends, while
those who got shares after this date will not benefit from any
dividends. Moreover, by paying dividends, the Fund will diminish
the resources through which it should further compensate the
several tens of thousand former owners still waiting to get shares
from ANRP.
However, despite some verbal protests from the part of some former
owner associations, which stated they would challenge the decision
to award dividends in court, the Bucharest Court of Law has not
registered any such action so far.