RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of April 7, 1997 No. 3092

About measures for acceleration of privatization and privatization of industrial enterprises in Turkmenistan

For the purpose of acceleration of process of privatization and privatization in Turkmenistan and increases on this basis of efficiency of industrial production, creations of conditions for implementation of business activity I decide:

1. Approve enclosed Regulations on privatization and privatization of industrial enterprises in Turkmenistan and the list of the industrial enterprises which are subject to first-priority privatization and privatization.

(The regulations on privatization and privatization of industrial enterprises in Turkmenistan voided according to the Resolution of the President of Turkmenistan of 20.08.1997 No. 3322)

2. Determine that privatization and privatization of industrial enterprises in Turkmenistan is performed by their sale at auctions, incorporating and carrying out investment tenders:

at auctions the companies or their divisions which are not requiring investment attraction are on sale

on investment tenders the companies requiring investment attraction for modernization with obligatory payment of 50 percent from their selling cost and payment deferral of the remained amount from three to five years are on sale,

medium and large enterprises will be transformed to joint-stock companies, at the same time the share in their authorized capital of foreign legal entities and citizens, and also legal entities and citizens of Turkmenistan is determined by the Cabinet of Ministers of Turkmenistan.

3. Ministry of Economics and finance of Turkmenistan:

determines specific forms of privatization and privatization of each company and represents their list for review to the Cabinet of Ministers of Turkmenistan,

opens the special account for transfer of the means received from privatization and privatization of industrial enterprises, their use for investment and creation of new workplaces, and also increase in efficiency of activities of the privatized Companies.

4. Foreign legal entities and citizens, and also legal entities and citizens of Turkmenistan, including members of labor collectives of the transformed industrial enterprises, participate in their privatization and privatization in accordance with general practice.

5. Declare invalid the resolution of the President of Turkmenistan of May 13, 1994 No. 1805 "About privatization of industrial enterprises in Turkmenistan".

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