Romania's Proprietatea Fund, likely to be listed on the local stock market, in mid-2008

Listing procedures of at least 10 percent of unlisted companies, part of the fund, should start by the end of September, according to the law in the field. "We still need to assess companies", Paunescu said, adding he is to be held responsable, if the final deadline will not be met.

Romania's Cabinet approved the Proprietatea Fund ordinance at the end of June, allowing the fund to become operational, after weeks of delays.

The Proprietatea Fund was established two years ago to pay damages to Romanians that saw properties been taken abusively by communists, but the process for its legal approval has been bogged down. Compensation will come in the form of shares in 114 Romanian companies. The shares will be listed both on the Bucharest Stock Exchange and on an international exchange.