The President of Ukraine signed the Law on Privatization of State and Communal Property

The Law of Ukraine “On Privatization of State and Communal Property” was adopted by the Verkhovna Rada of Ukraine on January 18, 2018. Its main purpose is to simplify the procedure of privatization and increase its transparency and efficiency.

As the Head of the State Property Fund Vitalii Trubarov noted, the new law, which launches transparent privatization in accordance with the rules that are understood by all investors, is the result of the team work of the State Property Fund, the Presidential Administration, the Government, Parliament, public organizations, international partners. According to him, during the preparation of the bill for adoption, a large number of roundtables, discussions at the parliamentary economic committee, parliamentary factions, analysis and discussion of hundreds of amendments from deputies were conducted - and as a result we received a law that greatly simplifies privatization, reduces the timing of filing documents, makes its rules transparent and understandable for investors.

Vitalii Trubarov emphasized: “We want not just to sell, but we want the most effective investors to come.”

Recall that the law simplifies the classification of privatization objects by division into small and large privatization objects. The small privatization group includes real estate objects, small enterprises, and the large privatization group includes objects whose assets exceed 250 million UAH. Also, the terms of preparation for the sale of objects are shortened and the deadline for submitting applications to potential buyers is increased. It has been established that in case of large privatization, international advisers will be involved, and the small privatization will be held on online auction.