Rus News Journal

The thought about investments

the Duma has started audit of privatisation competitions
  the Duma about investments

the Duma has started audit of privatisation competitions

Also has passed the law About investment activity
Autumn session of the State Duma has begun rather roughly. Members of parliament have decided to inflate decaying scandal in connection with sale of state blocks of shares of actions of joint-stock company Svyazinvest and Norilsk nickel . Having created on Wednesday the verifying commission, the Duma has charged to Audit Chamber to inspect yesterday efficiency and expediency these sales, and at the same time and earlier auctions on Sibneft and The Tyumen oil company . The theme of investments has been continued yesterday by acceptance in the first reading of new edition of the law About investment activity .

it is difficult to find the deputy who would not have claims to the government concerning summer auctions. Communists and parliamentary fractions gravitating to them once again have remembered about to Native land sale and about necessity regularly to show to electorate the dislike for the large capital. Adherents of more liberal economic models have considered that the government at sale of state blocks of shares has obviously sold too cheap. Some deputies, referring to the western experience of privatisation, assert that for actions Svyazinvest it would be possible to receive not $1,8 mlrd, and at least in 4 times it is more. Thus both communists, and liberals are dissatisfied with that the government patches holes in the budget at the expense of this money - instead of directing them on the investment.
have decided to Check up at once all - and economic validity of an establishment of the initial prices and the organisation of procedures of sales and even legality of an origin and timeliness of receipt in the federal budget of the means received from realisation of actions . The decision project has shown unity of the Duma concerning the privatisation policy of the government: it has been brought by chairmen of 3 Duma committees - committee on privatisation (Pavel Bunich from NDR), on the industry (Vladimir Gusev from LDPR) and on economic policy (communist Yury Masljukov). The commission to Audit Chamber was accepted almost unanimously, and under the offer of the leader of LDPR Vladimir Zhirinovsky to to Svyazinvest and to Norilsk nickel were added Sibneft and the Tyumen oil company .
Two years ago the Duma already raged concerning mortgaging auction on to Norilsk nickel . And now in the Duma 2 privatisation commissions - under the analysis of results of privatisation in general and under the situation analysis at some large enterprises which have passed in management to big banks (" work; Lenzoloto joint-stock company Apatity and dr). Practice has shown that committee-men show the negative attitude to privatizatoram and to investors basically in public statements. With them usually it is possible to find common language in unofficial work. Compromises are given hardly only when separate members of parliament want to replace bad owners of the enterprises on good . However real threat for investors can arise only in the event that the Duma will try to recommend to reconsider to the government results of privatisation. But such precedents yet was not. And the new Duma initiative in connection with last auctions most likely will not entail revision of their results.
it is all games of politics. Unique real problem which is discussed in the Duma privatisation commissions, - default by investors of conditions of privatisation in the terms established by contracts. Naturally, in a present economic situation it is influenced by set of the reasons. It is remarkable that one of them - imperfection of the investment legislation. Itself it without guessing, the Duma has a little corrected yesterday a situation, having accepted in the first reading a new variant of the law About investment activity brought by the government.
the matter is that the law in force accepted in 1991, does not provide division of investments on direct kapvlozhenija and financial that allowed investors to leave quite lawfully from performance of obligations on privatisation. In a new wording the law such division is provided.
clear split of state investments into investments from the federal budget and from regional becomes other innovation. Differently, subjects of federation cannot solve now with former ease local problems at the expense of the federal budget.
one more innovation concerns an order of granting of state investments. If in the old law it is told about gratuitous granting of means to the enterprises for state programs now it will be possible only on a returnable basis. In a new wording the law also it is written down that state guarantees can be given only on a competitive basis.
at last, into the new text it is entered the grand-dad`s reservation - the relations fixed by contracts remain irrespective of changes in the legislation and statutory acts. And it is indisputable. Investors about such also could not dream.

BORIS - SMARTLY