People were allowed to deposit their shares with 14 management funds. These funds also bought some of the shares, making them part owners. But, even there, rumours abound and not only rumours. Maybe the lesson is that we are all human. There is no method immune to human fallacies and desires, to corruption or to allegations of it.
Transformation tends to benefit more people - so, maybe it looks more just.
But long term it is inefficient and leads to the ruining of the firms involved and to permanent damage both to the economy and to the workers-owners. This is not an ideological or a philosophical question. Ask the employees of the Pelagonija Construction Group. Privatization, on the other hand, is much more open to manipulation - but at least it secures the continued existence of the firms and the continuous employment of the workers. I, personally, prefer privatization over transformation.