Finance Minister Jiri Rusnok has convened an extraordinary session of the National Property Fund (FNM) Presidium for May 29 to discuss the FNM's decision to block the purchase by power utility CEZ of stakes in power distributing companies. Rusnok is also chairman of the FNM Presidium.

At Monday's extraordinary general meeting of CEZ, the FNM blocked the purchase by CEZ of stakes in eight distributing companies in exchange for a part of CEZ's stake in transmission system CEPS. The transaction had been approved by the government in early May. Opposition politicians have for some time been criticising the method of appraisal of the stakes in the distributing companies and in CEPS, claiming that the transaction was favourable for CEZ and unfavourable to the state.

On Thursday, May 23, Rusnok admitted the possibility of a new appraisal. Rusnok said he was convinced that the FNM will resolve the problems by June 11, when CEZ holds an annual general meeting and that the transaction will be included on the AGM's agenda. "The task for the fund is very clear. And it will happen at the AGM on June 11," Rusnok said without being more specific.

(NewsBase 27.v.02)