Privatization Agency ceases operations today

Pursuant to the Privatization Law, the Privatization Agency will today cease its operations.

All the authorities of the Privatization Agency will be transfered to the Economy Ministry, while bankruptcy proceedings will be conducted by the Agency for Licensing Bankruptcy Managers, as stipulated by law.

As it was announced earlier, the Economy Ministry will assume all the rights and obligations of the Privatization Agency and also inherit its case files, equipment, work tools and archives. Those employees of the Agency who are not taken over by the Ministry will be dismissed and paid a severance pay in line with the law that stipulates downsizing in the public sector.

The Privatization Agency was established in 2011 as an institution responsible for conducting the process of privatization in Serbia, pursuant to the Privatization Law.

As explained before, the Privatization Agency ceases to exist for the sake of rationalization of government administration and fiscal consolidation because the privatization process is to be finished by the year's end and all companies that have not been privatized by then will be declared bankrupt.