Spectator on facebook

Spectator on facebook


Cabinet amends law on bearer shares

The Slovak government has approved a legal amendment forcing the registration of bearer shares to promote ownership transparency, Finance Minister Brigita Schmögnerová said on May 26.

"Until now, the institution of bearer shares had made the corporate ownership structure very opaque. We hope that this law will enable us to prevent the dirty practices that we have witnessed in the past years," Schmögnerová told a news conference.

Bearer shares were widely used in privatisation under the previous government of Vladimír Mečiar. New owners of many large formerly state-owned companies were not publicly known.

The new law forces all shares to be registered with the securities registry. While the names of bearers will not be publicly available, the records will be accessible to tax, financial and police authorities.

The government of Prime Minister Mikuláš Dzurinda has pledged to deal with cases of unclear privatisation. In several high profile cases, the government has already forged deals returning privatised stakes to state hands.

The new law has to be approved by parliament. Schmögnerová said the government anticipates that the law will go into effect by August 1, 1999 and all bearer shares will have to be registered by the end of the year.

Top stories

Police will check overpriced EU presidency

The presidency will also be scrutinised by state auditors.

The ceremonial launch of the Slovak presidency's logo.

Inspectors to focus on firms with foreign staff

Scrutiny follows media report by Serbian journalist concerning conditions in a Galanta-based plant.

Labour Minister Ján Richter

Bratislava councillors want gambling regulation, not ban

Seventeen councillors do not agree with total prohibition of gambling in the capital, they want to continue in its strict regulation.

SaS denies Russian media reports on its support of Slexit

The opposition party has objected to news in some Russian media stating that it supports the departure of Slovakia from the EU, i.e. Slexit.

Richard Sulík