NGO complains of fraudulent voucher privatization schemes in early 90s

The government should restore the databases of the fiduciary firms that handled mass privatization deals in the early 1990s so that the people who entrusted them their vouchers could trace down their interests, said Vlad Rosca, the head of the nongovernmental organization “Pro Echitate”, at a news conference on Friday. “Unfortunately, while lacking savvy in the security business, few people understood which of the privatized companies they gained ownership in, which obligations the fiduciary firms have, which rights the mass privatization participants are entitled to under the trust agreements”, said Vlad Rosca. According to Pro Echitate, many fiduciary firms made a quick buck through fraudulent schemes in the early 90s when voucher privatization deals took place. At present, of the 11 fiduciary firms that existed in the beginning, only two remained – Europa-Trust and Econ-Renastere – and, according to Pro Echitate, these firms simulated a breakdown of their databases so that the voucher holders could never find out where they hold shares today. According to official information, some 3.1 million Moldovans participated in the voucher privatization campaign in the early 90s, as a result of which about 2,500 state-owned companies were denationalized.