New privatization law looming

The government adopted the amendments to the Law on Privatization on Thursday in Belgrade.

Izvor: B92

Friday, 19.10.2007.

09:24

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The government adopted the amendments to the Law on Privatization on Thursday in Belgrade. In so doing, they have set December 31, 2008 as the deadline for the completion of the process. New privatization law looming By then, tenders or auctions have to be announced for all remaining companies under state ownership, said Economy and Regional Development Minister Mladjan Dinkic yesterday. “The law envisages considerable tightening of the conditions for participation in the process, and prohibits people with criminal records taking part, or those under investigation for serious crimes. The law allows for an accelerated approach and a more straightforward preparation of companies through quicker preparation of the necessary document,” said Dinkic. Other changes to the law envisage the possibility that part of the excess profit from the sales of company property and restructuring be redistributed among the employees, once all the debts have been cleared. “The government will determine the criteria and the figure. This allows workers at RTB Bor, Geneks and similar companies who are undergoing restructuring, whose property is being sold, to be compensated for not receiving shares, provided that following the sale there is an excess profit left over,” the minister told journalists. Improvement for the protection of employees after privatization has also been planned. Thus, owners will be obliged to pay workers the minimum wage for nine months of the year, as well as tax and contributions, explained Dinkic. Mladjan Dinkic (FoNet, archive)

New privatization law looming

By then, tenders or auctions have to be announced for all remaining companies under state ownership, said Economy and Regional Development Minister Mlađan Dinkić yesterday.

“The law envisages considerable tightening of the conditions for participation in the process, and prohibits people with criminal records taking part, or those under investigation for serious crimes. The law allows for an accelerated approach and a more straightforward preparation of companies through quicker preparation of the necessary document,” said Dinkić.

Other changes to the law envisage the possibility that part of the excess profit from the sales of company property and restructuring be redistributed among the employees, once all the debts have been cleared.

“The government will determine the criteria and the figure. This allows workers at RTB Bor, Geneks and similar companies who are undergoing restructuring, whose property is being sold, to be compensated for not receiving shares, provided that following the sale there is an excess profit left over,” the minister told journalists.

Improvement for the protection of employees after privatization has also been planned. Thus, owners will be obliged to pay workers the minimum wage for nine months of the year, as well as tax and contributions, explained Dinkić.

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