The Senate of Uzbekistan convened for its regular plenary session on November 24, approving the draft law regarding the privatization of state property. The legislation, initially endorsed by the Legislative Chamber on September 5, 2023, aims to streamline and regulate various aspects of the privatization process.
As per the reports from the Senate, the approved law meticulously outlines procedures for decision-making on privatization, the assessment of assets, determination of starting prices, engagement of consultants, and the execution of tenders. Notably, the law encompasses all stages of privatization, effectively shaping the framework for the entire process.
An innovative aspect introduced by the law involves various modes of privatization, which were not addressed in the existing law on denationalization and privatization. These include the sale of state property through electronic online auctions and exchanges, public invitations to negotiations, competitive dialogues, integration of enterprises and real estate into the authorized capital of other enterprises, and leasing with subsequent sale conditions.
The State Assets Management Agency reports that the newly approved law will undergo the final step of being sent to the President for official endorsement. Once signed by the President, the law is set to come into effect three months after its official announcement.
This legislative development follows the signing of the law on the management of state property on March 9, 2023, which explicitly identifies categories of state property exempt from the privatization process.
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