Shutdown of Agency for privatization proposed

The Agency for Privatization will shut down February 1, 2016, it was implied within the Proposal to the Law on changes and amendments of the Law on privatziaton which was deleiverd to the Asembly for adoption.

Responsibilities of the Agency will be transferred to the Ministry of Trade and bankruptcy processes will be conducted by the Agency for licensing of bankruptcy managers.

The Ministry of trade will take over from the Agency for Privatization rights, commitments, subjects, equipment, tools and archive. Labor contract for the employees who will not be taken over will stop with reimbursement in line with the law which governs headcount decrease in public sector.

Shutdown of the Agency for Privatization , as explained, is in line with the needs for rationalization of governmental administration and fiscal consolidation since privatization is due by the end of the year and companies which do not go private until then will go bankrupt.

It was proposed change to the Law on privatization to become effective the next day after publishing at the Official Gazette and to be implemented as of February 1. Processes of privatization which started in line with the valid law will continue in line with the new regulations.