Elliott Associates, through its subsidiary Manchester Securities Corp, owns 11.03% in Proprietatea fund, while Beresford holds a 1.87% stake.

Fondul Proprietatea, managed by Franklin Templeton Management, was set up in 2005 to compensate Romanians whose properties were seized during communism.

The fund has a share capital of 13.77 billion lei (EUR3.1 billion).

At around 11:20 Wednesday morning, Fondul Proprietatea traded down 0.14% at RON0.4294 a share in Bucharest. (EUR1=RON4.3625)