PM "won't be happy" if Telekom privatization fails

PM "won't be happy" if Telekom privatization fails

"It is important if we can finish that job honestly and get big money, and for the company to move forward. If we cannot get it, we will not sell , but I will not be happy if we do not succeed in that because then restructuring, serious problems await - and the question is whether we have the strength to deal with all that ourselves," said Vucic.

According to the Tanjug agency, when asked about the announced strike of Telekom trade unions, he said it was "nothing strange, since we live in an economy where few people think about the future, but only look to preserve what has already been achieved."

"I spoke with them, everyone should be doing their job... I spoke with also with the education sector, with Telekom unions, I talk to everyone...," said Vucic, noting that "those who say that Telekom is 'silverware' in essence have no idea what they're talking about."

"There must be constant investment in Telekom, one must compete... All European countries have privatized (telcoms), while I guess only we're stronger than everyone, so we'll succeed in everything," said Vucic.

He repeated that the money that would be obtained from the sale of Telekom "would not go into the budget, as it is needed to pay debts, and so that that this company can move forward."

Meanwhile, representatives of both Telekom unions announced they would on Monday at the government building hand over a petition dubbed, "Stop the sale of Telekom" that has more than 100,000 signatures.

As presidents of the Unified Trade Union of Telekom Srbija and the Union of Telekom Srbija Slavoljub Kandic and Miroslav Joksimovic pointed out earlier, "all employees and most Serbian citizens" are against the planned sale.

They also announced "a large protest" on November 11 in front of the government, to which all citizens who oppose the sale, as well as partner companies, have been invited.

Kandic said that the gathering's message to the government will be that Telekom can successfully operate in the present property format, and is fulfilling all its obligations to the state and citizens - while the message to the prospective buyer is that they are "not welcome."

Joksimovic said he suspected that the new owner would lay off 4,000 employees while 100,000 more from domestic firms that cooperate with Telekom would also lose their jobs.

He pointed out there "was no surplus of employees in Telekom" - but that an investment fund that would buy the company would reduce the number of employees in order to better profit from reselling the company.

Joksimovic added that he expects the prime minister to, during the opening of bids in mid-November, "say there will be no sale." He noted that Vucic - as the SNS party leader while it was in opposition - "fought against the sale of Telekom."

Telekom currently reports profits of about EUR 140 million, but Joksimovi estimates that the figure could reach EUR 300 million "once it repays the loans taken out to acquire companies in the region and in Serbia."