If government does not announce the rules of re-privatization, the country can plunge into abyss of uncontrolled redistribution of property.

On March, 15 the head of Fund of national Property Mikhail Chechetov had declared that he considered conducting of the repeated competition on the sale of metallurgical combine "Krivorojstal" fully possible. In his opinion, it is necessary to conduct maximally public and opened competition, where investors will be attracted from foreign countries, to find out a maximally high price.

On March, 11, during the forum "Power and business are partners" Victor Yushchenko had declared that black-lists of re-privatization were already at the amendment drafting stage. However, after a few minutes, Ukrainian President returned a hope to safe property to businessmen, having said that government had not budgeted for redemption of enterprises a single kopeck.

The fate of the Ukrainian enterprises depends on that, what idea of re-privatization will prevail in government.

Julia Timoshenko is the most resolute and categorical in this question, periodically reminding about the list of 3000 objects which must be taken away from proprietors and given to "proper" owners. Victor Yushchenko partly rescues the situation, explaining that re-privatization is a "policy of exceptions', that not all will be taken away, but only several tens of enterprises.

President’s resorts help rather poorly. As the black-list is formed by undeclared rules, it is not simple to insure oneself against being included in it. Besides, nobody secures, that there will be no supplementary list in the future.

First vice-premier Anatoliy Kinah, perhaps, is one of a few in the government, who is aware of the danger of re-privatization without rules. Kinah is not going to search the objects of re-privatization in "lists", because such method looks like punishment of political opponents. At first the vice-premier suggests to lay down rules of re-privatization, and then to engage in "expropriation of expropriators".

However, power does not hasten to announce the rules of re-privatization, and the process takes on marks of uncontrollability. For example, a company which did not take part in a competition began to contest the stock of the Nickopolsky factory of ferroalloys. Besides the situation round stock of "Dynamo (Kiev)" does not give optimism, when a district court reverses the decision during an hour.

If the rules of property redistribution are not announced in the near future, this process will become uncontrolled. As the adviser of President Alexander Paskhaver marked, "Every district chief will want to have his own "Krivorojstal".

Comment of an expert.

Yurij Yakovenko, the president of investment company "Sincom":

"Today society conducts discussions about sale justice and estimation of enterprises privatized last years. But only a fund market can give the real cost of any object. Any businessman wants to purchase an object more cheaply, and would be foolish to reproach him for this. But the problem is that strategy of state objects privatization was built wrong in principle. In 1998 the state proclaimed a slogan "We sell everything to the strategic investors".

In 2004 experts estimated "Ukrtelecom" for Fund of national property. They adjudged 38 kopecks in view of par value 25 kopecks for a stock. But since these actions had appeared on an exchange, they began to cost about 90 kopecks for a stock. It is natural that now nobody of experts will take insolence to assert that 38 kopecks are a normal price. Approximately the same situation happens with "Krivorojstal".

If we tasked to sell it at the highest price, it was not necessary to sell 93% actions at once on no account. They needed to throw 5-10% to the stock market and to look, how much it would cost. This would show an approximately real price according to which it was needed to sell the control stock to a strategic investor. Here is the correct way of privatization and the problem with "Krivorojstal" would not appear".

Andrew Mozgovoy

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