New Legislation on Privatization of State Property Adopted

The Decree of the President of the Republic of Belarus No. 7 of 14 April 2008 introduces new regulations for the process of privatization of state property. In particular, the Decree provides that privatization of state property shall be carried out according to plans to be approved by the Council of Ministers, with regard to objects in republics ownership, and by respective local executive and administrative bodies, with regard to objects in communal ownership.

It stipulates that the State Committee on Property is entitled to sell shares of open joint-stock companies created in the process of privatization, on the conditions laid out in the Decree.

The Decree also eases restrictions on disposing of shares of such companies, which were imposed earlier on the shareholders of open joint-stock companies created in the process of privatization.

The Decree enters into force on 17 July 2008, in three-month period from its official publication.