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The Government Has Changed the Rules for Electronic Auctions of Small Privatization

The Cabinet of Ministers of Ukraine has changed the Procedure of electronic auctions for sale of small privatization property and determining additional conditions of sale. Relevant decision was made at the Government’s meeting on August 23.

The following innovations were foreseen:

  • introduction of repeated electronic auction using the method of step-by-step reduction of the starting price and subsequent submission of price offers;
  • reduction of the period between auctions from 20-35 to 10-15 calendar days;
  • signing the protocol of electronic auction results using qualified electronic signatures;
  • payment of the selling price of privatization property facility by electronic auction winner within 20 working days as from the date of formation of the protocol of auction results;
  • conclusion of the agreement for purchase and sale of privatization property facility within 25 working days as from the day following the date of formation of the protocol;
  • publication of the order for privatization completion by the privatization authority in the electronic trading system within 10 calendar days as from the date of issuance thereof.

“Since September, we are launching privatization, which will allow us to activate economic activity in the country. Loss-making and inefficient state-owned enterprises will get new owners who will invest in their modernization and development, and create new jobs. Simplifying the conditions for privatization will contribute to the growth of private investments in the economy and inflows of funds to the state budget”, noted First Vice Prime Minister of Ukraine – Minister of Economy Yulia Svyrydenko.

Recall that resolution brings the rules for electronic auctions into compliance with the Law of Ukraine “On Privatization of State and Communal Property”. These legislative changes will contribute to the processes of relocation of enterprises in the conditions of martial law and the economic recovery of the state.

As reported, starting from September, the Government will resume privatization of state-owned enterprises, and the procedures for the sale of small privatization property facilities were adjusted to wartime requirements.

In July, the Government approved a list of 420 state-owned enterprises that will be transferred to the jurisdiction of the State Property Fund for further privatization and liquidation.

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