On Thursday, January 18, Ukrainian Parliament passed a bill ‘On state property privatization’ with 266 voted in favour. It was drafted by the Ministry of Economic Development and Trade in Ukraine.
“Today’s decision of the Parliament is a defining moment for the Ukrainian economy. It is sure to help launch a large-scale and even more important transparent privatization. This means the modernization of production, new jobs, millions of investments and the corruption eradication, which for long years has been stealing the budgets of state-owned enterprises and has allowed taxpayers’ money to go to the pockets of the thieves. This bill takes includes the best international experience and, I believe, will allow us to have the most honest privatization, “commented on the results of the vote Stepan Kubiv, the First Vice Prime Minister of Ukraine, Minister of Economic Development and Trade of Ukraine. It was reported by the press service of the Ukrainian Verkhovna Rada.
The new law introduces changes to the procedure of the state and municipal enterprises sales creating the most transparent conditions for the privatization. On signing by the president and coming into force, the bill will replace the seven existing separate privatization laws and will help expand the number of potential investors. It is due to the fact that it should strengthen the protection of their rights, limit the participation of the aggressor country companies and allow the state-owned enterprises market price transition.
“The innovations proposed by our bill will contribute to an increase of auctions participants number for both small and large privatization. I am strongly convinced that they are sure to contribute to the growth of competition and, as a consequence, the final price of the state-owned objects sale. At the same time, the objects of privatization will finally get the strategic investors who are willing to invest in them and develop Ukrainian economy, “- words by Maxim Nefedov, the First Deputy Minister of Economic Development and Trade of Ukraine, quoted by the official Ukrainian parliament’s website.
“In order to protect the rights of new investors, the bill provides the possibility of using the best international practices to resolve disputes and the application of the international law in the sale contracts until 2021.
