Europe, News

Privatization will not mean losing control, government guarantees

by | Sep 9, 2011

As Georgia makes a new push to find more investors who will have a stake in its most strategically important assets, like the post and railways, the state will keep a controlling share of the stocks.

Chair of the financial budgetary committee, Zurab Melikishvili, made the promise today during a debate in parliament about a new law which will allow old state businesses to be listed on foreign stock markets.

But Levan Vepkhvadze from the oppositional Christian Democrat party raised doubt over the guarantee, and reminded Melikishvili that the government has categorically refused to write such a guarantee into the new law proposal.

Another opposition politician, Guram Chakhvadze from the National Democrat party, sided with the government during the exchange and pointed out that there is a separate law which says that 75% of national company of oil and gas companies must remain in state ownership.

This law, however, does not cover important assets that are now up for sale to foreign investors, such as the Georgian Railways and the Georgian Post. (Source: Interpressnews.)



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