Events

MINSK, 14 December (BelTA) - Belarusian MPs have passed the first reading of the bill on privatization of state property and reorganization of state unitary enterprises into joint stock companies, BelTA has learned.

Using the right of legislative initiative, the document was submitted to the parliament by MPs of the Standing Commission on Economic Policy Lenid Brich and Sergei Zemchenok.

According to Leonid Brich who presented the document in the Oval Hall, the draft law envisages improvements to corporate governance in organizations with state participation, the development of an additional mechanism to protect property rights for investors in privatization, encourage investment in the country’s economy. The main novelty is the reduction of the limitation period on privatization transactions in Belarus from ten to three years.

The bill also suggests regulating issues related to enhancing effectiveness of management at reincorporated joint-stock companies, which shares are owned by Belarus and the administrative territorial units. The law on privatization will be complemented with the provisions that define the state of bodies of the joint-stock companies set up following the transformation of state unitary companies.