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Bill on denationalisation to reach parliament in first quarter of 2008
Belgrade,
14 November 2007
State Secretary at the Serbian Ministry of Finance Slobodan Ilic said that the bill on denationalisation will be forwarded to Serbian parliament for adoption in the first quarter of 2008.
Speaking at a roundtable discussion, where the draft law on decentralisation was presented to representatives of institutions which will be included in the implementation of this document, Ilic stressed that the law will be implemented directly after adoption, but only in as much as it regards return of confiscated property, while monetary compensations will be made after two years.
According to Ilic, the draft envisages that owners of property who will be paid compensation in cash can receive a maximum of €10,000 in a single payment, while the remaining amount will be paid in bonds with a payment deadline up to 20 years.
The total amount for paying compensations in cash is limited to €4 billion, said Ilic. He stressed that the hardest challenge is to denationalise city building land in cases where a building exists upon the land belonging to another owner.
Director of the restitution directorate Vladimir Todorovic specified that more than 800 former owners have applied for value assessment of confiscated property.
It was stressed at the roundtable that difficulties in implementation could continue due to the fact that it is envisaged that property is returned in the condition in which it was found in 2005, when the law on reporting and registering confiscated property came into force.
Legal advisor at the Council for Regulatory Reform Djordje Vukotic said that in most cases buyers were not aware that they are buying property of which a part was nationalised, and this could lead to lengthy court proceedings.
According to Ilic, the draft envisages that owners of property who will be paid compensation in cash can receive a maximum of €10,000 in a single payment, while the remaining amount will be paid in bonds with a payment deadline up to 20 years.
The total amount for paying compensations in cash is limited to €4 billion, said Ilic. He stressed that the hardest challenge is to denationalise city building land in cases where a building exists upon the land belonging to another owner.
Director of the restitution directorate Vladimir Todorovic specified that more than 800 former owners have applied for value assessment of confiscated property.
It was stressed at the roundtable that difficulties in implementation could continue due to the fact that it is envisaged that property is returned in the condition in which it was found in 2005, when the law on reporting and registering confiscated property came into force.
Legal advisor at the Council for Regulatory Reform Djordje Vukotic said that in most cases buyers were not aware that they are buying property of which a part was nationalised, and this could lead to lengthy court proceedings.
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