The Rompanian property fund Fondul Proprietatea has reported a RON 1.5m loss for the first quarter of 2012. This could come as a shock to investors who’d been encouraged by last year’s Q1 showing which showed a profit of RON 14m. The fund’s NAV had fallen to just RON 16bn by the end of the three-month period, a decline of RON 500m from March 2011. In a separate statement, the company revealed that the fund’s value by the end of April had collapsed further to RON 15.5bn. The fund was set up as a form of compensation for the victims of Communism whose property was confiscated by the former regime.
