Privatization

By Pikalova V.

Unit

It is a “word cloud” that gives greater prominence to words that will appear more frequently in the texts below. What are these words associated with? Generate your ideas on each word.

Discussion

1. What is the public-private distinction?

2. What does the term privatization mean?

3. When did the process of privatization in Russia take place?

4. Who is the most odious public figure whose name is firmly attached to the process of privatization? Why?

5. What were the main goals of this process?

6. What class of society appeared soon after the privatization?

Legal terms

“voucher-assisted privatization” «ваучерная приватизация»

allocate vouchers распределять ваучеры

joint stock company акционерное общество

state-owned entity государственное предприятие

to be publicly tradeable находиться в свободной продаже

liquid voucher market рынок с высоким спросом на ваучеры

cash out продать ради прибыли, перевести в наличные

bid предлагать цену на аукционе

political clout политическое влияние

bundle the controlling stakes объединять контрольные акции

holding company компания-держатель

volatile political environment нестабильная политическая среда

repayment secured by выплаты, обеспеченные чем-либо

forfeit потерять право на что-либо

bid rigging мошеннический сговор на торгах, нечестное предложение цены

divvy up распределять

consortium синдикат

affiliate филиал

enterprise stakes акции компании

large-scale investor крупный вкладчик

“loans for shares” scheme залоговая приватизация

“golden share” «золотая акция»

open joint stock company открытое акционерное общество

failure to abide by the privatization rules несоблюдение правил приватизации

declare void объявить недействительным

challenge and declare invalid оспаривать и объявлять недействительным

statute of limitations закон об исковой давности

buyout of leased state property by the lessees выкуп имущества арендными предприятиями по договорам аренды

facilitate privatization содействовать процессу приватизации

charter capital уставный капитал

state unitary enterprise государственное унитарное предприятие

limited liability company общество с ограниченной ответственностью

buy participatory interests приобретать долю участия

preemptive right преимущественное право покупки

credibility of a prospective buyer надёжность потенциального покупателя

Reading

Skim over the text and answer the question: How many stages are there in the privatization process?

In general, the privatization process in Russia can be roughly summarized as occurring in three progressive stages. The first stage (1988-1991) is so-called spontaneous privatization during which property rights over enterprises were transferred from the government to the employees and management. However, it was only a small part of the Soviet industry. The second stage of “voucher-assisted privatization” lasted from 1992 to 1994 and included the privatization of state property on a massive scale. This privatization scheme allocated vouchers to state employees. These vouchers later were transformed into shares in the capital structures of newly established (privatized) joint stock companies. Although at this early stage the country lacked experience in all privatization matters, and the first Privatization Law of 3 July 1991 was perhaps inevitably undeveloped, the Government’s rush to privatize companies through the allocation of vouchers resulted in a very large percentage of state-owned entities being transferred into private hands. The third stage is referred to as “loans for shares” scheme.

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