16:22 29.04.2021

Zelensky signs law on holding auctions to sell large privatization objects during quarantine

2 min read
Zelensky signs law on holding auctions to sell large privatization objects during quarantine

President of Ukraine Volodymyr Zelensky has signed a law on holding auctions for the sale of large privatization objects during quarantine, which the Verkhovna Rada adopted on March 30, 2021.

According to the press service of the head of state, the law allows to start preparation and conduct large privatization at auctions, which were suspended due to restrictive measures in connection with the COVID-19 pandemic from March 2020.

The document provides that during the quarantine period, auctions with a decrease in the starting price, auctions based on the method of studying price proposals, as well as privatization through the purchase of large privatization objects are not held. State property is allowed to be sold only at an auction with conditions when the bidder wins who has offered the highest price and who has undertaken to fulfill the terms of sale.

"Despite the coronavirus crisis, our goal of privatizing state-owned enterprises, which are often managed extremely inefficient and breeding grounds for corruption, remains unchanged. Moreover, to ensure a rapid economic recovery from the pandemic and the growth of the well-being of our citizens, we must improve the business climate and create an enabling environment for attracting investments to Ukraine," Zelensky said.

The law comes into force the next day after publication.

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