OWNERSHIP TRANSFORMATION COMPLETED IN 2,452 CROATIAN FIRMS

ZAGREB, Feb 2 (Hina) - The Croatian Privatization Fund (HFP), issued clearance for the ownership transformation of 2,601 firms, valued at 24.48 billion German marks. So far the ownership transformation has been completed in 2,452 Croatian firms. Under the present process of ownership transformation the shares were paid for 1.67 billion German marks (or 6 billion kunas), which included a 25.5 per cent cash payment, and 74.5 per cent paid by the frozen foreign currency deposit. The Croatian Privatization Fund has accepted 72 of the 417 complaints on the process of the ownership transformation. In five cases the Fund rescinded clearance for the transformation, and in another 67 it ruled that incorrect procedures be removed in the process. The Privatization Fund has rejected 201 complaints, while nine complaints have been withdrawn. It is now investigating the rest of them. At the same time the Fund is the defendant in 343 law suits filed with relevant courts. The Fund has filed one lawsuit with the Commercial Court for revoking the ownership transformation, and has appealed twice to the Constitutional Court. (hina) jn mms sd 021529 MET feb 95