2023-06-21T12:52:00+03:00 Economy 2024-09-15T05:23:19+03:00

Ukrainian news

Zelenskyy approves restoration of large-scale privatization

Zelenskyy approves restoration of large-scale privatization

President Volodymyr Zelenskyy signed law 3137-IX on the restoration of large-scale privatization, which was adopted by the Verkhovna Rada on May 30.

This is stated in the message of the State Property Fund (SPF), Ukrainian News Agency reports.

"In addition to the restoration of large-scale privatization, the new law also provides for a number of important norms related to the work of the State Property Fund. From now on, the Head of the State Property Fund will have the right to independently appoint and dismiss deputies. In addition, 12 regional branches of separate legal entities will become structural subdivisions of the State Property Fund," the message says.

Also, according to the notification, the new law introduces several changes in the work with sanctioned property:

- according to the decision of the High Anti-Corruption Court, the sanctioned property will be transferred to the SPF;

- SPF will independently make management decisions regarding sanctioned property (privatization, sale, lease or management);

- all funds received will be sent to the Fund for the Elimination of the Consequences of Armed Aggression.

In addition, the law also:

- prohibits sanctioned persons and citizens of aggressor countries from holding positions of heads of state-owned enterprises and members of supervisory boards;

- cancels the procedure for the approval of directors of state-owned enterprises, which are under the management of the SPF, with local authorities;

- removes restrictions on the term of state property lease contracts for the period of martial law.

As Ukrainian News Agency earlier reported, the State Property Fund expects to begin privatization of confiscated Russian assets in 2023.