Transferring ownership from the state to the private sector in Central and Eastern European countries was considered an essential step of transition towards the market economy. But negative phenomena, which accompanied privatization corruption, asset-stripping, oligarchic entrenchment, tunnelling, etc. proved that interest groups in these post-socialist countries strongly influenced and slowed down the process. This paper tries to analyse the impact of privatization and its speed connected with these negative phenomena, and to offer arguments for a positive view on a quick establishment of property rights. The conclusions are based on the cases of the Czech Republic and Romania compared.