Economy Ministry to take over state’s shares in energy companies

The Economy Ministry will take control of state-owned shares in energy companies. On August 27, the cabinet approved the transferof the shares from the National Property Fund to the Economy Ministry.

The Economy Ministry will take control of state-owned shares in energy companies. On August 27, the cabinet approved the transfer
of the shares from the National Property Fund to the Economy Ministry.

Although until now, the ministry has been executing shareholders’ rights in energy companies where the state holds a stake, the National Property Fund (FNM) has been the official owner of the shares. As of now, the Economy Ministry takes over 51-percent stakes in Západoslovenská Energetika (ZSE),
Stredoslovenská Energetika (SSE), Východoslovenská Energetika (VSE), a
100-percent stake in Slovenský Plynárenský Priemysel (SPP), and a 34-percent stake in Slovenské Elektrárne (SE).

The transfer of shares is connected with the prepared dissolution of the National Property Fund, as confirmed the spokeswoman for the Economy Ministry, Miriam Žiaková, for the SITA newswire. Already the previous government of Iveta Radičová intended to scrap the National Property Fund but it did not have enough time to do so as it collapsed.

The Fico government declared that closing the government privatisation agency – originally founded only to overlook the process of privatising state property in 1990s and deemed to operate only temporarily – was one of its priorities. The Economy Ministry, however, explained for SITA that the process is very complex.

According to the latest information, the agency should be shut down in 2016, while the process will be carried out in two phases. The first step was planned to take place in 2013 and 2014 and it contains introducing legislation for the gradual settlement of all assets and liabilities of the agency, including the provision and transfer of certain activities and obligations of the fund. In the second phase in 2015, a law on the dissolution of the fund should be drafted and then approved in 2016. The actual legislation on the fund’s dissolution will be prepared on the basis of the governmental decision on the agency’s dissolution: whether it will be dissolved with liquidation, or without.

The government privatisation agency, the National Property Fund, is a corporate entity established in 1991. Its main activity is the transfer of the state’s assets designated for privatisation to non-state entities. Based on privatisation decisions, the fund concludes contracts on the sale of companies or their parts, and establishes joint-stock companies as of the day it takes over the assets designated for privatisation from the state.

(Source: SITA)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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