The Russian Union of Industrialists and Entrepreneurs (RSPP) sent a proposal to President Vladimir Putin to amend the privatization law. This was reported by Interfax Referring to the words of Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs.
The Russian Union of Industrialists and Entrepreneurs proposes to include in the law compensation to investors for the market value of assets in case privatization is carried out with violations.
“We propose a two-pronged compensation; the state’s right to return the property and the current owner’s right to receive compensation at market value,” Shokhin said.
RSPP noted that the Attorney General’s Office claims that the privatization decision was made by an improper government body. Therefore, the business requests the establishment of criteria regarding the honesty of the buyer who was unaware of the violations.
RSPP believes that the investor can be compensated for funds spent through proceeds from the resale of assets. The President of the Russian Union of Industrialists and Entrepreneurs allows “deferred compensation”.
In addition, the RSPP proposes to clarify situations where a foreigner acquires a very large stake in a strategic company after transactions. In such cases, the goods can be returned to the previous owner.
Before that in Russia stated at the beginning of the nationalization of key strategic assets.
Previously specialist in housing and communal services named Privatization of apartment buildings was the biggest mistake of the 90s.