ZAGREB, Nov 1 (Hina) - The payment of the first instalments of compensation for property confiscated during the Yugoslav Communist rule to former owners will begin at the beginning of next year. The first instalment of so-called
denationalisation bonds -- as a form of compensation -- will amount to DM120 million (about 480 million kuna). The bonds are not bound by interest rates, they are to be paid within 20 years through two annual annuities -- on January 1, and July 1, with the first one being paid on Jžanuary 1, 2000, president of the Fund for Compensation of Confiscated Property, Marija Turundic, told a news conference Tuesday. For property not being returned, according to provisions of the Law on compensation for confiscated property, the former owner will have the right to compensation, with 25 per cent being returned in cash and the rest in Croatian bonds. The Fund has so far received 30 decis
ZAGREB, Nov 1 (Hina) - The payment of the first instalments of
compensation for property confiscated during the Yugoslav
Communist rule to former owners will begin at the beginning of next
year.
The first instalment of so-called denationalisation bonds -- as a
form of compensation -- will amount to DM120 million (about 480
million kuna).
The bonds are not bound by interest rates, they are to be paid within
20 years through two annual annuities -- on January 1, and July 1,
with the first one being paid on Jžanuary 1, 2000, president of the
Fund for Compensation of Confiscated Property, Marija Turundic,
told a news conference Tuesday.
For property not being returned, according to provisions of the Law
on compensation for confiscated property, the former owner will
have the right to compensation, with 25 per cent being returned in
cash and the rest in Croatian bonds.
The Fund has so far received 30 decisions by County offices for
property rights issues for 54 former owners.
Turundic said the total compensation for them was 2.6 million kuna
(US$371,000).
More than 50,000 requests for compensation of property are
currently being processed.
The trustee for the issuing of bonds is the Privredna Bank Zagreb,
and the publishing agent is the I.C.F. brokering company.
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