Rada passes privatization bill with amendment on protection of investors' interests under English law

The Verkhovna Rada has passed in the second reading and as a whole the government bill on privatization of public property with technical and legal amendments, including the one granting investors the opportunity to obtain protection under English law.

Some 266 lawmakers voted for corresponding bill No. 7066, an Interfax-Ukraine correspondent reported.

"A total of 733 amendments were submitted for the second reading of this bill, 501 were taken into account by the committee," Chairman of the Committee on Economic Policy Andriy Ivanchuk (the People's Front faction) said presenting the bill in parliament.

As reported, on November 9, the Verkhovna Rada of Ukraine adopted in first reading the government bill on privatization of public property (No. 7066) – a new wording of the law on privatization, which facilitates the sale of hard-to-sell facilities, describes the conditions for attracting privatization consultants and is one of the prerequisites for continuing cooperation with the IMF.

The document is to change seven effective laws dealing with privatization.

Acting Head of the State Property Fund Vitaliy Trubarov said the new law establishes a time period of twelve months for privatization of large facilities and five months for small ones. If an enterprise's assets in the previous year exceeded UAH 250 million, it falls under large privatization and will be sold with the assistance of an advisor, everything that is less is small privatization, which will take place exclusively on electronic platforms.