Turkmenistan launches the entities to supervise the privatization of state property

Turkmen President Gurbanguly BERDIMUHAMEDOV signed a decree on the establishment of relevant interdepartmental central committee at the Ministry of Economy and Development of Turkmenistan for the execution of the law "On denationalization and privatization of state property", TREND News Agency reported on August 1st.

Another decree approved by the state's head established the technical features and procedures to govern the denationalization and privatization of state assets process. According to its provisions the Turkmen Ministry of Economy and Development will carry out the functions to ensure control over the execution of denationalization and privatization contracts, purchase and sale of state property, as well as to issue certificates of ownership to the owners of privatized enterprises and facilities.

In accordance with the law adopted in December 2013 by the Turkmen Parliament, the process of selling state property was set to begin on July 1st, 2014. The new law enforcement is of interest for the insurance industry as it allows private capital to access this area of business, previously completely controlled by the State through The State insurance Company of Turkmenistan.

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