Abstract
Context. The eruption of V4332 Sgr was observed in 1994. During the outburst, the object became extremely red, so it has been considered as to belong to red transients of the V838 Mon type. Optical spectroscopy obtained a few years after the eruption showed a faint M-type stellar spectrum underlying numerous molecular and atomic emission features. It has recently been suggested that the central object in V4332 Sgr is now hidden in a dusty disc and that the photospheric spectrum of this object observed in the optical results from scattering of the radiation of the central star on dust grains in the circumstellar matter. Recent polarimetric photometry has shown that the optical radiation of the object is indeed strongly polarized.
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