HR Privatization Programme (March 2013)
+ Add to binderSummary of key HR Privatization Developments (March 2013)
On 1.3.2013 a Bill was submitted to Parliament, which contemplates the following changes in the framework governing privatization:
1. Administrative Agencies
The Committee for the Monitoring and Acceptance of a privatization contract will comprise 2 employees of the competent Ministry or other experts, and 1 employee of the Division of State Owned Companies (DSOC) of the Ministry of Finance. The members of the Committee shall be appointed by the General Secretary of the Ministry of Finance.
In the future, DSOC will:
- act as a secretariat to the Inter-Ministerial Committee for Reorganizations and Privatizations (“IMCRP”),
- present the Minister with proposal for submission to the IMCRP,
- conduct tendering proceedings
- support contract awarding committees
- conduct post-awarding project management and monitoring services
The Hellenic Republic Asset Development Fund (“HRADF”) will:
- will present the DSOC with proposals for the transfer of assets to the HRADF, but in event that such assets are not already included in the Medium Term Programme, such proposals need be justified
- may present the Minister of Finance with proposals on legislative measures towards the optimization of its operations.
2. Amendment of Articles of Incorporation
The articles of incorporation of companies, whose shares are in full or in part, directly or indirectly, transferred to the HRADF or whose voting rights are exercised by the HRADF, can be freely amended, pursuant to the provisions of the Companies Law (L. 2190/1920).
3. Other amendments
Enforcement for debt to the public sector over assets of companies that are part of the privatization programme is suspended until completion of the respective privatization or sale of a material asset of the company.
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Privatization