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Parliament adopts amendments to Privatisation Law
Belgrade,
26 December 2007
Serbian parliament adopted today amendments to the Law on privatisation under which socially-owned companies are to be privatised by the end of 2008.
The bill was supported by 132 MPs, while 17 did not vote.
The companies that fail to find buyers by the set deadline will go private through bankruptcy procedure.
In case the sale contract is breached with first-ranked bidder, negotiations will start with the second-ranked.
The law also bans former criminal convicts or those under investigation to bid for companies.
In case of breach of agreement, the law also protects the state interest by preventing the buyer to increase the value of assets through investments and recapitalisation.
The companies that fail to find buyers by the set deadline will go private through bankruptcy procedure.
In case the sale contract is breached with first-ranked bidder, negotiations will start with the second-ranked.
The law also bans former criminal convicts or those under investigation to bid for companies.
In case of breach of agreement, the law also protects the state interest by preventing the buyer to increase the value of assets through investments and recapitalisation.
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