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The Verkhovna Rada adopted at the first reading theLaw "On the Privatization of State Property"

On November 9, 2017, the Verkhovna Rada of Ukraine adopted in the first reading the Law "On the Privatization of State Property" (No. 7066).

As the Chairman  of the State Property Fund of Ukraine Vitalii Trubarov wrote on his Facebook page, first of all, the Law is making clear, competitive and transparent rules of privatization, which understand both in Ukraine and abroad.

We need to return the trust of investors, and we will do it," said Vitalii Trubarov. - I thank the deputies for their support and understanding of the importance of this law for further effective and transparent privatization in Ukraine. "

According to Vitalii Trubarov, today there are 7 different laws that force an investor to wait for years of pre-privatization work.

“The new law clearly sets 11 months for large privatization objects and 5 months for small ones. If the company over the past year has transferred the value of assets to UAH 250 million - this is a major privatization object that will be sold with the assistance of an advisor; all that smaller is a small privatization, which will take place exclusively on electronic platforms ", - says the Chairman of the State Property Fund of Ukraine Vitalii Trubarov.

“The new law clearly sets 11 months for large privatization objects and 5 months for small ones. If the company over the past year has transferred the value of assets to UAH 250 million - this is a major privatization object that will be sold with the assistance of an advisor. The all that smaller - is a small privatization, which will take place exclusively on electronic platforms ", - says the Chairman of the State Property Fund of Ukraine Vitalii Trubarov.                                                            He speaks also about the importance of attracting advisers to privatization.   These are well-known auditing companies that have unquestionable credibility in the market and the result of which are trusted by international investors.

"As an example, for the Centrenergo are selected after the competition a Polish branch of Ernst & Young," emphasized Vitalii Trubarov.

“Large privatization will take place under the following procedure: the object of sale is determined, then an advisor who prepares the financial model of the enterprise, forms an offer of the initial price, is looking for investors.

After this the Fund sets the starting price and terms of sale and submits them for approval to the Cabinet of Ministers of Ukraine. After that the reception of applications is announced, the participants are checked and an auction is held”, Vitalii Trubarov told.

Vitalii Trubarov notes that the new law introduces only two methods of sale - this is an auction and a ransom of privatization objects, if at the time of the law the property was already leased.

"We cancel 5 possible variants of sale, instead we leave in fact one - it is auction. The redemption rate will apply only to already leased enterprises, as it is stipulated in the contracts, but these will be isolated cases ", - said Vitaly Trubarov.        Vitalii Trubarov also emphasizes that the new law sets the limit for the appeal of privatization. "3 years are allowed to appeal the sale. If during this time the violations are not revealed, then the law prohibits reviewing the results of the contest. This is the protection of the investor ", - said Vitalii Trubarov.               

The Chairman of the State Property Fund of Ukraine also emphasized the complete prohibition on taking part in privatization for the Russian Federation as an aggressor country. "The law clearly prohibits to Russian companies, or companies that have Russian capital to participate in privatization. The law makes it possible to check the final beneficiaries", - said Vitalii Trubarov.                                        He also noted that the law clearly prohibits Russian companies, or companies that have Russian capital, to participate in privatization, and provides an opportunity to verify final beneficiaries.                                                                                        The Chairman of the State Property Fund also notes that the law provides for auction participants to establish a single standard of guarantee deposit at a rate of 5 percent of the starting price of the object. This amount is not returned. “This is one of the safeguards against unscrupulous gamers. 5 % of the price of large privatization object is a large amount only just to take part in the competition”, he stressed.