SPF drafts radically new bill on privatization

13:22, 22.08.2016 1 min read

Ukraine's State Property Fund (SPF) has submitted a new bill on privatization aimed at its optimization and unification of procedures to Ukraine's Cabinet of Ministers, SPF Head Ihor Bilous said at a press conference in Kyiv last week.

He said that the document would increase the term for holding auctions from 45 to 180 days to give investors enough time to make decisions and avoid the preliminary appraisal. The appraisal will be formed during the sale of facilities based on trends on the market.

"There would not be privatization groups A, D, V, Zh, G and E – only large-scale and small-scale privatization," Bilous said, adding that the only way to sell will be auction.

He said the procedures would be relaxed as much as possible for small-scale privatization to quickly sell non-liquid assets.

The bill annuls the pre-privatization preparation of enterprises by ministries. Heads of enterprises would be more responsible for safekeeping of the property when decisions to privatize enterprises are made, Bilous said.