RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 26, 2006 No. PP-335

About measures for enhancement of activities of the State Property Committee of the Republic of Uzbekistan

The measures for enhancement of forms and methods of privatization taken in recent years, realization of the companies entirely and the state blocks of shares in private property created conditions for acceleration and deepening of processes of transformation of the relations of property practically in all industries of economy. Distinctive feature of process of privatization of the last years is realization of the state assets and blocks of shares on zero redemption value. The cardinal turn towards expansion of private sector, the accelerated development of small business, farms and entrepreneurship is performed.

At the same time activities of the State Property Committee and its bodies on places require serious improvement.

The State Property Committee of the Republic of Uzbekistan and its territorial administrations do not show due initiative on the most important strategic directions of privatization, concentrating the main attention on small minor questions, do not take due measures for expansion of the stock market and activization of market development of securities, especially secondary.

Cardinal review is required by approaches to privatization of the large companies holding monopoly position in the market, needing inflow of considerable investments including foreign, implementation of modern technologies. In authorized capitals of many holding and joint stock companies still unfairly high shares of the state blocks of shares remain.

At all activities of the State Property Committee and its territorial subdivisions for effective management of the state assets in the privatized companies do not meet the requirements. Work of the state attorneys and trustees has formal character, actually "the management case" keeps in the hands control levers joint-stock companies. Lack of the regulatory base which is accurately regulating qualification requirements and job evaluation of the supervisory boards constrains active development of corporate management system in joint-stock companies.

Massive faults take place in matching and placement of personnel. The carried-out employee assessment of system revealed low qualification of specialists, especially heads of territorial subdivisions that is one of basic reasons of unsatisfactory accomplishment of the tasks and functions set for committee.

For the purpose of further activization of processes of privatization, increase in effective management of state-owned property, and also radical enhancement of the organization of activities of central office and territorial subdivisions of the State Property Committee:

1. Recognize work of management of the State Property Committee of the Republic of Uzbekistan on accomplishment of the assigned tasks unsatisfactory.

Approve actions for remedial action in work of bodies of the State Property Committee and to ensuring deepening of processes of privatization, strengthening of corporate management system, market development of securities according to appendix No. 1.

To complex concerning economy and to foreign economic relations of the Cabinet of Ministers (Azimov R.) to establish tough control of unconditional accomplishment at the scheduled time of the approved actions. It is regular to report on results of execution of the specified actions in the Office of the President of the Republic of Uzbekistan.

2. To the State Property Committee of the Republic of Uzbekistan in a month carefully to analyse activities of the supervisory boards in economic societies with the state ownership ratio, execution of business plans by them for 2005, and also availability of the business plans approved in accordance with the established procedure for 2006.

In cases of failure to carry out of the main indicators of business plans or lack of effective business plans the current year to perform replacement of the state attorneys or managing companies in these economic societies, to initiate in accordance with the established procedure dismissal of chief executives.

3. To the Cabinet of Ministers of the Republic of Uzbekistan:

a) provide systematic hearing in the Cabinet of Ministers, on the basis of annually approved schedule, reports of chairmen of the Supervisory boards and heads of the large companies with the state assets about condition and development of the companies and by results to estimate their work, to apply administrative measures of responsibility and to relieve of the post members of the Supervisory board from state bodies and heads of the companies.

b) in a month to approve updated Regulations on procedure for privatization and privatization of objects of state-owned property. At the same time to pay special attention on:

accurate determination of the mechanism of realization of the state assets in private property;

specific content of provisions of purchase and sale agreements and about cross liabilities of the parties determining responsibility of new

the owner for execution of the assumed liabilities, including investment, for steady activities of the company during the post-privatization period, accomplishment of parameters of the business plan provided in case of acquisition of object;

privatization of objects and the companies together with the parcels of land on which they are located;

share transfer in property of the new owner only after complete payment by the owner of buyback price and the provided investment obligations.

4. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 18.03.2020 No. UP-5968

5. Accept the offer of the State Property Committee of the Republic of Uzbekistan about:

liquidations of the state-owned investment firm "Davinkom" with transfer of its functions to structural divisions of central office of the State Property Committee and its territorial administrations dealing with issues of realization of the state assets at the exchange and off-exchange biddings;

transformation of Research institution of deepening of market reforms under the State Property Committee of the Republic of Uzbekistan in the Center of researches of problems of privatization, development of corporate management and security market under the State Property Committee of the Republic of Uzbekistan;

transformation of the Mulkdor newspaper to the newspaper "Exchange".

6. To the State Property Committee of the Republic of Uzbekistan:

in a month to develop and approve standard Regulations on territorial administration of committee, having paid special attention on accurate establishment of obligations and the personal responsibility of heads and specialists of territorial administrations for timely implementation of territorial privatization programs, ensuring effective management of state-owned property, execution of the investment obligations assumed by investors;

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