The €3.9 billion (US$4.7 billion) capitalization Proprietatea Fund is expected to select the international financial consultant today among Citigroup, Nabarro Wells & Co Limited, Forex Invest Online LLC, Reyl & Cie, Frank Russell Company and Savills London. The consultant will draft the procedures for the company to manage the fund. The Fund’s manager will be selected around May 15, according to the chairman of the fund’s interim managing board, Nicolae Ivan. The fund has already appointed Allen & Overy as the legal advisor.

The fund was registered on Dec. 29 with the state as its shareholder. The fund’s units are going to be used by the state to compensate the owners of the buildings nationalized during the communist regime. There is, however, broad criticism regarding the compensation role of the fund, mainly from the former owners of the buildings, who want their properties back or cash instead of risk-bearing papers.

The fund also creates political tensions among the main parties at rule, as the Democrats harshly criticize the Liberals for manipulating the fund into their personal interest.