President signs law resuming large-scale privatization

Ukrinform reports this with reference to the press service of the State Property Fund of Ukraine.

“Due to the joint work of the President, the Verkhovna Rada and the government, we are resuming large-scale privatization. Attracting private investments in state-owned enterprises means new technologies, modernization of the economy, development of infrastructure and increasing the competitiveness of our country," said Chairman of the State Property Fund Rustem Umerov.

The signed law will enable the State Property Fund chairperson to independently appoint and dismiss deputies, prohibit sanctioned individuals and citizens of aggressor countries to hold the positions of heads of enterprises and be members of supervisory boards. In addition, the document abolishes the procedure for coordination of directors of enterprises in the State Property Fund management with local authorities.

In addition, the new law introduces changes in the work with sanctioned property: by the decision of the High Anti-Corruption Court of Ukraine, the property subject to sanctions will be transferred to the State Property Fund. The Fund will independently make management decisions regarding such property (privatization, sale, lease or management); all funds received will be directed to the Fund for Liquidation of the Consequences of Armed Aggression.

As reported, on May 30, the Verkhovna Rada supported draft law No.8250 in its entirety. The document is aimed at regulating management processes within the State Property Fund. It will create a unified approach to the staff selection and management system, as well as digitize the internal document flow and improve the risk analysis system.

Photo: President’s Office