Commentary to Ordinance No. 8 of 10 September 2012

    President of Belarus Aleksandr Lukashenko signed Ordinance No. 8 on 10 September to amend Ordinance No. 3 of 20 March 1998 and Ordinance No. 7 of 14 April 2008.

    In line with the Ordinance, state property can be privatized without the privatization plans specified by the law “Privatization of state property and conversion of state unitary enterprises into open joint-stock companies” of 19 January 1993.

    Extra issues of shares in open joint-stock companies, which are in the list of strategic corporations, no longer have to be authorized by the State Property Committee or local executive authorities.

    Yet the second emission and consecutive emissions of shares of open joint-stock companies, which process agricultural products and have been created via the privatization of state-owned property, shall be performed with approval of the President of Belarus upon proposals of the Council of Ministers, oblast administrations, or the Minsk City Executive Committee.

    The State Property Committee no longer has the authority to sell or reduce the starting price for Belarus-owned shares in open joint-stock companies.

    The government no longer has to authorize three-year plans for privatizing national ownership properties and lists of open joint-stock companies, which have been created via the privatization of state-owned property and which Belarus-owned shares are subject to privatization.