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Turkmenistan: Law on Denationalization and Privatization of State Property Takes Effect
Source: trend.az
Source Date: Saturday, December 28, 2013
Focus: Electronic and Mobile Government
Country: Turkmenistan
Created: Dec 31, 2013

A law on denationalization and privatization of state property which sets legal, economic and organizational framework of this measure took effect in Turkmenistan.

"Normative legal acts of Turkmenistan shall be brought into conformity with this law within three months from the date of its entry into force," according to a document signed by President Gurbanguly Berdimuhamedov.

The law is aimed at the development of entrepreneurship and the creation of conditions for attracting investment and the development of efficient, socially oriented market economy in Turkmenistan.

The objects are: state-owned enterprises as a property complex , buildings, buildings, structures and facilities under construction, production and non-production units and structural divisions of an enterprise as a property complex, the privatization of which doesn't violate technological cycle, separate divisions of state enterprises, tangible and intangible assets of state enterprises, uninhabited area in houses not of common use, share of securities in the authorized capital of joint stock companies in the property of state-owned companies of different legal forms. (including those producing agricultural products ) .

Turkmen citizens, foreign citizens, stateless persons and legal entities of Turkmenistan created in accordance with the law, legal entities created in accordance with the laws of foreign countries, international organizations can be the entities.

Foreign legal entities may participate in such a process only in case of the conclusion of the Agency for Protection from Economic Risks under the Turkmen Ministry of Economy and Development.

The denationalization is implemented in the following forms: conversion into a joint stock company or enterprise of other form.

The state property is privatized in the following forms: sale at the investment contest, sale at auction, sale of shares owned by the state, on the stock exchanges; direct sale of a privatized facility.

The state program of privatization of enterprises and state-owned facilities for 2013-2016 has been approved in Turkmenistan. It is planned to privatize the state enterprises in various areas, namely, construction, transport, communication, etc., state facilities and to create the developed infrastructure of the joint-stock companies.

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