The State Property Committee has commented on Decree No. 5, which amends Decree No. 3 of March 20, 1998 "On the Privatisation of State Property in the Republic of Belarus", BELTA was informed by the department's press service.
The new version of the decree provides for the recovery of only the unpaid amount of dividends and penalties. The provision on recovering a fine from a joint-stock company for late or non-payment of dividends on state-owned shares has been excluded from the document. "The analysis of the situation showed that the main reason for the violation of dividend payment deadlines was the absence (insufficiency) of funds in the accounts of business entities during this period, including due to untimely settlements with them. Taking into account the amendments made, the measure of responsibility will be commensurate with the nature of the act, meet the requirements of fairness and contribute to the growth of economic independence of companies," the State Property Committee explained.
The remaining provisions of the decree have been adjusted to update them in line with current legislation and application practices. The term "close relatives", mentioned in Decree No. 3, has been brought into conformity with the norms of the Code of Marriage and Family. The provision concerning the withdrawal of legal entities of state ownership or with a state share in the charter fund from the participants of a business partnership or company has been excluded due to this issue being regulated by the provisions of the Civil Code and the Law "On Business Entities".
The provisions concerning the exchange of shares for personal privatisation vouchers "Imushchestvo" to employees of enterprises being transformed into open joint-stock companies and persons equated to them have been excluded as they have lost their relevance. Taking into account the current version of the Law "On the Privatisation of State Property and the Transformation of State Unitary Enterprises into Open Joint-Stock Companies", the exchange for "Imushchestvo" vouchers is carried out only in respect of shares of open joint-stock companies established during the process of denationalisation and privatisation before January 1, 2011.