President of Ukraine Volodymyr Zelensky has signed a law that will help improve the management structure of the State Property Fund, as well as resume large-scale privatization.
“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. (Ukrinform/Business World Magazine)
