Turkmenistan Amends Its Law on Privatization of State Property

BUSINESS TURKMENISTAN
Turkmenistan Amends Its Law on Privatization of State Property
The new amendment to the law also includes a clause according to which the purchase and sale agreement must specify in detail the procedure for transferring state property into ownership.

The Ministry of Finance and Economy of Turkmenistan received the authority to initiate the inclusion of certain objects of state property into the privatization list. The corresponding amendment to the legislation was published in the local press, ORIENT news outlet reported on Thursday.

In accordance with the amendments and additions to the Law of Turkmenistan On Denationalization and Privatization of State Property, the Ministry of Finance and Economy now justifies the expediency of denationalization and privatization of state property on its own initiative and submits a proposal to the Cabinet of Ministers of Turkmenistan to include it in the list of objects subject to denationalization and privatization.

The new amendment to the law also includes a clause according to which the purchase and sale agreement must specify in detail the procedure for transferring state property into ownership.

Thus, the contract of sale and purchase of privatization objects may provide conditions for maintaining the main areas of activity, production volumes and the number of jobs in the post-privatization period and their validity period.