Privatization of State Property to Become More Transparent and Open
Uzbekistan
Uzbekistan’s Senate has approved a new law aimed at ensuring transparency and openness in the process of privatizing state property. This law strengthens reforms in state property management and contributes to creating a favorable investment climate.
Under the new amendments, property owned by state organizations cannot be pledged during the period from the decision to privatize until the process is completed. This rule is intended to maintain order in state asset management and reduce the risk of illegal appropriation.
Additionally, amendments were made to the "Sponsorship Law," limiting sponsorship expenses for companies with more than 50% state ownership. The annual sponsorship budget should not exceed 3% of the company’s net profit from the previous year, ensuring financial transparency and stability in such activities.
The law also aims to improve the efficiency of managing state-owned enterprises, supporting further improvements in the privatization system. These changes create a more competitive and transparent environment for investors.
By approving this law, senators have ensured that privatization processes will be transparent and open, creating a trustworthy climate for investors.
Additionally, amendments were made to the "Sponsorship Law," limiting sponsorship expenses for companies with more than 50% state ownership. The annual sponsorship budget should not exceed 3% of the company’s net profit from the previous year, ensuring financial transparency and stability in such activities.
The law also aims to improve the efficiency of managing state-owned enterprises, supporting further improvements in the privatization system. These changes create a more competitive and transparent environment for investors.
By approving this law, senators have ensured that privatization processes will be transparent and open, creating a trustworthy climate for investors.
Powered by Froala Editor