Lukashenka waived Golden Share

Institution of a special right of the state to interfere with management of business entities (Golden Share) is abolished in Belarus.

The correspondent decree No 144 was signed by Alyaksandr Lukashenka on 4 March.

The press service of Lukashenka says “surrender of this norm will facilitate creating of favourable conditions for attracting direct foreign investments in the real sector of the economy of Belarus and performing of forecast economic growth in 2008, as well as improving of Belarus’ value at the international level and defence of investors’ rights on the stock market.”

The decree becomes effective upon signature.

The special right /Golden Share/ was used in Belarus as a rule in cases of non-payment salary in full amount during three months in succession, unsatisfactory structure of accounting balance-sheet of a business entity during six months, and for defence of rights and freedoms of citizens, state defence and security support, serving its economic interests.

Golden Share allowed the state to participate in management of economic societies and could be used in entities, created in the process of denationalisation and privatisation, and by means of re-organisation of business entities, created in the process of denationalisation and privatisation. In other words, the Golden Share could be applied to the organisations that had no shares of the state.

Golden Action in Belarus was criticised repeatedly by the international financial institutions and is one of the main obstacles for attracting of foreign investments.