HISTORIC
OVERVIEW OF PRIVATISATION PROCESS IN LITHUANIAprocess was launched in Lithuania
in September 1991 and since then it has constituted an integral part of
Lithuania's economic reforms. The entire privatization process may be divided
into three major stages:
.
The first stage covers the privatization that took place from September
1991
until July 1995. This phase may be called a mass privatization for vouchers
with some elements of cash sales. The voucher method was chosen as the most
effective way of transferring the ownership of the state- owned enterprises.
The privatization of state assets in Lithuania during that phase has been based
on the Law on Initial Privatization of State
Property
passed in late 1991 and amended in 1993. As a result of that phase, Lithuania
has become a country with a majority of the GNP generated in the private
sector.
.
The second phase of privatization started in July 1995 with the introduction of
a new Law on Privatization of State and Municipal
Property.
A State Privatization Agency and a State Privatization
Commission
were established in late 1995 to administer the process.
According
to the Law, the second phase will call for cash privatization of remaining
state and municipal property at market prices. Local and foreign investors will
have equal rights in purchasing the companies offered for the privatization in
Lithuania. During the second phase of privatization the government will have to
decrease its control in the sectors of economy generally recognized as the
state monopoly through the cash sales. According to the Law on Privatization
all bidders have equal rights in the privatization process. Previously existing
concessions for the employees and management have been eliminated from the new
Law.
During
the second phase of privatization the amount of investment into
Lithuania
was comparatively small. Investors had to lodge documents with many different
institutions, and therefore the privatization procedure took some time.
Individual ministries were not interested in preparation of objects for
privatization. Besides, legally the former privatization institutions had no
right to transfer obligations of enterprises to the purchasers because they
were not real managers of enterprises.
.
New laws of privatization and State Property Fund (SPF) were passed in
November
1997. According to the aforementioned Law restructuring
Lithuanian
Privatization Agency established the SPF and other related to privatization and
property management institutions. SPF holds in trust, uses, disposes and
privatizes securities and other state-owned property transferred to it by the
Government of the Republic of Lithuania.
There
are several possible methods of privatization:
.
public subscription for shares; . public auction; . public tender; . direct
negotiations; . lease with an option to purchase; . transfer of the state or
municipal control of an enterprise controlled by the state or
municipality.PHASE OF PRIVATISATION, 1998 TO DATE
A
new, amended privatisation law has been approved in the Seimas recently,
November 1997. The law amends the current privatisation law. The proposed
changes into the law are following: i) to establish the State Property Fund
(SPF) as the successor to the enterprise founder found in the current law; ii)
to bring certain procedures of the current law into line with operation of
proposed SPF and; iii) to do technical changes (but not substantial) to the
current law.
The
key policy change, proposed by the new law, is the replacement of the role of
enterprise founder and many of responsibilities of the Privatisation Agency by
the SPF. SPF holds in trust, uses, disposes and privatises state-owned
property. As time showed, the branch ministries had too many conflicting policy
objectives and wished to keep enterprises that the Government has decided to
sell, so, in brief, privatisation process by new law is made less bureaucratic.
The SPF co-ordinates the privatisation process in Lithuania and directly
organizes privatisation of largest state- controlled entities in industry and
infrastructure. Privatisation of these enterprises is carried out through
transparent competitive procedure of international tenders prepared and
executed by internationally renowned advisors and arrangers. First of all,
public tender is announced to prepare the privatisation program for the company
by retaining a leading adviser. During the tender, consultants having an
extensive experience of privatisation in the relevant sector are selected to
prepare an attractive privatisation program and provide financial, technical
and legal advice for the Government of Lithuania concerning the enterprise to
be privatised. When the program is to be approved by the Privatisation
Commission and the Cabinet of Ministers a tender is to be announced for the
privatisation of the company where the object shall be sold.
Recently
Public Limited Companies Lithuanian Telecom ("Lietuvos Telekomas")
and Hotel Lietuva (Vie?butis "Lietuva") have been privatised.
Privatisation of these enterprises is carried out through transparent
competitive procedure of international tenders prepared and executed by
internationally renowned advisors and arrangers. For the enterprises which have
a strategic importance to the Lithuanian economy, the Government has devised a
special procedure of two stages for their privatisation and some of them are
already privatised. Public Limited Companies Lithuanian Telecom (Lietuvos
Telekomas) has been purchased by the strategic investor - Consortium
"Amber Teleholding" of Sweden "Telia" and Finnish
"Sonera". The Government accepted sale option of 60 per cent shares.
In the energy sector, the oil refinery AB "Ma?eikiu Nafta" is also
being prepared to privatisation. Using the International tender, a consortium
of financial and other advisors, led by Banque Paribas, has been selected as
the winner of tender. At the moment it is under the negotiations with potential
investors. The Government of Lithuania is also privatising two airlines:
"Lietuvos avialinijos" and "Aviakompanija Lietuva".
Recently, the companies have been consolidated so that "Aviakompanija
Lietuva" became a subsidiary of a major airline. The privatisation of the
company is foreseen in 1999.
Privatisation
of these entities is expected to achieve the following goals:
)
to increase the efficiency of management and operation by introducing new
technologies, investing additional funds and exploiting the experience of
investors in the relevant area; 2) to promote the development of enterprises
and markets; 3) to liberalize monopolistic markets.
Institutions
taking part in the privatisation of strategic objects are as follows:
)
the Property Fund, the role of coordinator; prepares companies for
privatisation and carries out the technical work, 2) the Privatisation
Commission is responsible for the approval of final decisions and control of
the privatisation process. 3) International tenders for privatisation of
strategic objects are carried out by specially appointed Public Tender
Commissions for the sectors of energy, transport and telecommunications.
Public
Tender Commissions determine the criteria for the preparation of privatisation
programs based on the Government policy as well as practice and experience of
other countries. The main priorities of privatisation include not just
maximising the revenue from the privatised objects, but also attracting
potential investors and their contribution to Lithuania. Privatisation of the
largest objects in Lithuania is carried out in an open, transparent, efficient
and rapid manner.:
I.
Lithuanian Development Agency. Website: http:\www.lda.lt II. ''Lietuvos
Rytas" Nr. 8 (360)/ 1999 m. sausio 30 d; " Valstyb?s turto fondo
veiklos ap?valga". p.16; III. Republic Of Lithuania Law On The State
Property Fund.
Website:http:\www.lrs.lt
Другие работы по теме:
Process Essay Essay Research Paper Process EssayI
Process Essay Essay, Research Paper Process Essay I have found an effective way of getting ready in the morning that saves me time. I am going to share this information with my friend Stephanie. The order in which I get
Writing Process Essay Research Paper Writing a
Writing Process Essay, Research Paper Writing a paper on the writing process is pretty hard. The writing process is different from one person to another. You come across questions like, What exactly is the writing process? and Must you follow one persons writing process if yours is different? This is where I came across the answer to my questions, write however you wish to write.
Process Of Manhood Essay Research Paper The
Process Of Manhood Essay, Research Paper The Process of Manhood The content of the “kakuungu” mask is constructed of wood with a distinctive carving that outlines the cheeks and eyes of the mask. The cheeks are outlined to show the definition of the eyes that are wide and almond shaped. The surface is to rough and has a sharp image to the structure.
Hazing Essay Research Paper Is it
Hazing Essay, Research Paper , Is it necessary in Greek Organizations? Initiation is a learning process that can make a better person mentally. There is no need to beat in order to teach. Some say initiate have to teach themselves in order to taught. If the initiate is not teaching themselves, then positive reenforcement can take place rather than hazing.
James Ambrose Cutting Essay Research Paper Ambrotypes
James Ambrose Cutting Essay, Research Paper Ambrotypes were a direct positive process effect achieved on glass coated with light-sensitive collodion, backed with black paint, paper or even black velvet.. It is also known as a collodion positive. They are often confused with Daguerreotypes because they were often housed in dag cases and confused with Tintypes because the images look very similar..
Commercials Essay Research Paper In every young
Commercials Essay, Research Paper In every young person life there are certain critical decisions that must be made. One of the more important of the many is the choice to resume education after high school. After that decision is made the choice of which college to go to comes into play. In making this decision you must first do research on schools that interest you, you must visit these campuses, and last you must apply to the schools of your choice.
Haber Process Essay Research Paper HABER PROCESSYou
Haber Process Essay, Research Paper HABER PROCESS You are to develop a new industrial plant in the area and a committee has decided that a new ammonia facility is to be built. This plant will use the Haber process in the ammonia production. The ammonia will eventually be used in the production of ammonium nitrate fertilizer.
Capital Punishment By Lethal Inject Essay Research
Paper The process of execution by lethal injection involves a carefully organized program. As it is stated in the article My Friend s Execution by William Vance Trollinger Jr. the process of execution is divided in a number of steps. First, two days before the execution, the prisoner is moved into the death cell, which is located in the depths of the prison.
Process Of Meiosis Essay Research Paper Meiosis
Process Of Meiosis Essay, Research Paper Meiosis is the reproduction of sex or germ cells in which there are two divisions required to complete the process. They are called meiosis I and meiosis II. In meiosis I, members of homologous pairs of chromosomes divide into two complete sets. There are four stages: prophase I, metaphase I, anaphase I, and telophase I.. -Prophase I is the first phase in meiosis I.
Mitosis Essay Research Paper Mitosis is the
Mitosis Essay, Research Paper Mitosis is the process of asexual reproduction. Humans use meosis which is a process of sexual reproduction.Mitosis is the process of asexual reproduction. Humans use meosis which is a process of sexual reproduction.Mitosis is the process of asexual reproduction. Humans use meosis which is a process of sexual rMitosis is the process of asexual reproduction.
Privatization The Better Choice Essay Research Paper
Privatization: The Better Choice Every working American citizen contributes to Social Security. Anyone who has ever held a job has felt the frustration of seeing how much money the government takes out of their
Prison Privitisation Essay Research Paper Privatization in
Prison Privitisation Essay, Research Paper Privatization in Corrections Privatization in corrections is a trend that is assuming increasing significance. Pratt and Maahs, characterizing privatization in corrections as ?a growth industry go on to note: ?Rooted primarily in the political and economic context of the 1980s.
Issues On Privatization Essay Research Paper What
Issues On Privatization Essay, Research Paper What are the issues of privatization and federalization? Transferring authority to states and localities also encourages a comprehensive and insists that governmental decisions are and should be made accordingly. With such strategies Washington officials are in effect saying: ?Let local officials decide what is proper policy in their locality.
Privatization Essay Research Paper PrivatizationWhat is Privatization
Privatization Essay, Research Paper PrivatizationWhat is Privatization? Privatization is the process of transferring productive operations and assets from the public sector to the private sector. Broadly defined in this fashion, privatization is much more than selling an enterprise to the highest bidder, as it includes contracting out, leasing, private sector financing of infrastructure projects, liquidation, mass privatization, etc.
Privatization In Russia Essay Research Paper For
Privatization In Russia Essay, Research Paper For some, the privatization of Russian industry has been one of the great success stories of Russia?s painful economic transition: quick, firm and radical action was taken to shift the great bulk of Russian industry out of state hands, thereby laying the basis for a radical restructuring of enterprises and improvements in their performance.
Emma Goldman Essay Research Paper Emma Goldman
Emma Goldman Essay, Research Paper Emma Goldman was an anarchist, propagandist and most of all a feminist. She was born in Kovno, Lithuania. She moved with her family to St. Petersburg, Russia (1882), where she worked in a glove factory and absorbed the prevailing radical-revolutionary ideas.
My Goal Essay Research Paper My goal
My Goal Essay, Research Paper My goal, upon finishing my graduate studies, was to obtain a position in a large corporation. I received and accepted an offer from Koc Holding, a diversified conglomerate, and began my professional career as a project engineer at the company’s Energy and Environment group headquarters.
Social Security Reform The Dangers Of Privatizati
Essay, Research Paper The United States Social Security system contributes to the well being of all Americans by providing a basis of retirement income for the elderly relieving their children of the burden for their support. It is America s costliest, biggest, successful, and most popular domestic program.
The Logic Of Evaluation Essay Research Paper
The Logic of Evaluation Along with questions there are answers, most questions must be evaluated before arriving to those answers. Usually when I am asking a question I go through a mental process of evaluating the question at hand before giving what I considered to be the most accurate answer.
Contrast Essay Research Paper The Perceptual ProcessThe
Contrast Essay, Research Paper The Perceptual Process The perceptual process can be very deceiving to some people, for example, take a deep woods country boy from Arkansas and put him in New York or Los Angeles , everything he may have been taught growing up is flying around in his head fast enough to make him dizzy.
Money Laundering
–The Process And Its Affects Essay, Research Paper MONEY LAUNDERING THE PROCESS AND IT S AFFECTS Money laundering is a process that many people do not understand. In fact, when I chose money laundering for my report, I thought that I chose counterfeiting. Money laundering and counterfeiting is not the same.
Mitosis Essay Research Paper MitosisThe Process of
Mitosis Essay, Research Paper Mitosis The Process of Mitosis is the term used to describe cell division for replication. The product at the end of mitosis is two daughter cells both genetically identical to the original (parent) cell. This process is used for growth and repair within an organism and also for asexual reproduction.
Privatization In Russia Essay Research Paper As
Privatization In Russia Essay, Research Paper As a result of privatization in Russia, tens of thousands of state-owned enterprises – from small retail shops to major industrial enterprises – have been transformed into privately owned companies. Millions of Russian citizens became owners.
Hybrid Printing Process Essay Research Paper INTRODUCTIONThe
Hybrid Printing Process Essay, Research Paper INTRODUCTION The printing for hybrid circuits is a fundamental process in which the conductors, resistors and overglaze are put onto a ceramic tile called a substrate. While conductors, resistors and overglaze are not printed at the same time, the process is the same.
Production Manufacturing Essay Research Paper Case Study
Production Manufacturing Essay, Research Paper Case Study 9 – “The Production Process at Washburn Guitars” There are many small manufacturing facilities in and near my city and town. Some of them would include The Washington Post, Berreta USA, and The Department of the Treasury, Bureau of Engraving and Printing.
Photosynthesis Essay Research Paper PhotosynthesisThe second article
Photosynthesis Essay, Research Paper Photosynthesis The second article was about photosynthesis and discusses organisms that use this process. Photosynthesis is the process in which plant cells take sunlight and carbon dioxide and synthesize glucose. This process occurs in plants, algae, and some prokaryotes and protists.
Intergration Of Cad And The Internet Essay
, Research Paper Integration of CAD and the Internet After recently reading two articles about the future of CAD, it is very apparent that the Internet is going to play a major role in the design process. One article dealt with the future of CAD in general and what is expected to be seen in up coming years. The other article was a how Auto desk is already preparing for the future with their new release of AutoCAD 2000i.
Shogan Sport Participation Essay Research Paper 22
Shogan, Sport Participation Essay, Research Paper 22) Shogan suggests that sport participants should question and refuse the disciplines of sport that normalize practices that would be considered harmful otherwise, to test the limits of their identities, both inside and outside competition and through hybridity and diversity.
The Fermentation Process In Wi Essay Research
Paper The Fermentation Process in Wine Making Wine making is a long process. After the best grapes have been harvested and pressed they have to go through a process called fermentation. During pressing, when the grapes’ skins are broken, yeast, or Saccharomyees ellipsoideus, from the skins comes in contact with the sugar from the insides of the grapes.