Great privatization procedure: comparative and legal aspect

Abstract

The article is devoted to the coverage of one of the most important problems of our time - the process of major privatization. As a result of the analysis of legislation defined that the privatization of state or municipal property - a paid alienation of property in state or municipal ownership, in favor of individuals and legal entities, and also established that the attribution of property to objects of major privatization is based on their value, which should exceed 250 million hryvnia.
 The main purpose of privatization is to accelerate economic growth, attract foreign and domestic investment, reduce the share of state or municipal property in the structure of the Ukrainian economy by selling privatization objects to the effective private owner. However, it is pointed out that the very procedure of privatization is to fill the country’s budget by transferring the share of state or municipal property in the structure of the economy of Ukraine to a more efficient private management, so the purpose enshrined in the Law requires clarification taking into account the purpose and result that is inherent in privatization.
 It is pointed out that the privatization process is carried out in accordance with a set of procedures established by the Cabinet of Ministers of Ukraine, enshrined in the decree «On Approval of the Sale of Large Objects of State Property Privatization. In addition, it is noted that to ensure effective results from the implementation of privatization requires compliance with the basic principles of privatization defined by the Organization for Economic Cooperation and Development.
 Based on the analysis of the experience of the legal basis of privatization in the UK, Spain, Poland and France, it is found that privatization in these countries is carried out by a clear regulatory consolidation of the procedure for privatization and under increased control of the relevant government agencies. It is suggested to introduce the impartial control of officials of the State Property Fund of Ukraine at each stage of privatization and control by the state over the privatized objects in a given post-privatization period.