Síntesis interpretativa de los datos analizados

Capítulo 4. Análisis, desarrollo de la propuesta y resultados

4.1 Síntesis interpretativa de los datos analizados

Privatisation is mainly regulated by the Law on Commercialisation and Privatisation of State-Owned Enterprises dated 30 August 1996 which, in principle, provides for commercialisation of state-owned enterprises and privatisation of such enterprises through the capital (indirect) method and the direct method.

Responsibility for the privatisation of state-owned enterprises lies with the Privatisation Department of the Treasury Ministry. Moreover, pursuant to separate regulations, some privatisation activities are undertaken by other agencies: the Agricultural Property Agency, Military Property Agency and the Military Housing Agency.

The highest-value shares are those held by the Treasury in companies from the power sector, the oil and gas sector, rail transport, hard coal mining and the chemical industry.

Commercialisation

Commercialisation involves transformation of a state-owned enterprise into a capital company - both joint stock company and limited liability company. Unless the law provides otherwise, this company is a legal successor of the state-owned enterprise, regardless of the legal nature of those legal relations.

Commercialisation of a state-owned enterprise is effected by the minister competent for the Treasury.

Unless the law provides otherwise, the company established as a result of commercialisation must comply with the Code of Commercial Companies. In 2010 a total of ten state-owned enterprises and two film institutions research and developments unit were commercialised (by the end of 2010 a total of 1740 enterprises had been commercialised).

Capital (Indirect) Privatisation

The capital privatisation method, referred to otherwise as indirect privatisation, involves the disposal of shares outside state ownership by sale resulting from:

• publicly-announced offering • public tender

• negotiations undertaken pursuant to a public invitation

• admission of the bid submitted by an entity announcing the call

• publicly-announced auction,

• transaction concluded on the regulated market.

• public offering • subsidiary stabilization

• selling shares outside organized trading The Council of Ministers may agree to a sale procedure other than that described above.

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Moreover, the Council of Ministers may express its consent to contribute shares held by the Treasury to another Treasury- held joint stock company in exchange for shares taken up in an increased share capital of that company.

Detailed procedures applicable to sale of Treasury-held shares and the conditions to be met by the sales offer are defined in the regulation dated 30 May 2011 , on Detailed Procedure for Selling Treasury-held Shares (Dz.U.2011.114.664).

Payment for shares sold in a public tender or as a result of negotiations undertaken following a public invitation may be made in instalments if the amount outstanding after the payment of the first instalment has been secured (in which case the first instalment of the payment represents a minimum 20 % of that price whereas the remainder is paid in instalments for a period of maximum 5 years). Detailed conditions enabling such instalment payments are defined in the Council of Minister’s regulation of 25 April 2006 on public aid given during privatization processes (Dz.U.06.84.580 as amended). Considering the limitations indicated in the Act on Commercialisation and Privatisation, the eligible employees are entitled to free-of-charge acquisition of up to 15 % of shares taken up by the Treasury on the day on which the company is entered into the relevant register.

The income from the indirect privatization projects completed in 2011 totalled PLN 13.058 million. Until the end of 2011, 612 privatisation projects were closed, and 177 are still open.

Direct Privatisation

Direct privatisation involves disposal of all tangible and intangible assets of a state- owned enterprise through:

• sale of the enterprise

• contribution of the enterprise into a company

• release of the enterprise for paid use. Until the end of 2010 2220 of the state- owned enterprises had been deleted from the register of businesses.

Mass Privatisation Programme

The Mass Privatisation Programme (MPP) was commenced under the Act of National Investment Funds and Privatisation Thereof, dated 30 April 1993 (Dz.U.93.44.202, as amended).

Under the Programme Polish citizens permanently residing in the country who reached the minimum age of 18 years by a date specified in the Act were entitled to receive so-called ”participation certificates”, i.e. securities which were convertible into shares in National Investment Funds. The NIFs were joint stock companies which

At present the Mass Privatisation Programme no longer plays a key role in privatisation processes. In 2007 Treasury Minister finalized the sale of minority shareholdings in companies which participated in the MPP.

Reprivatisation

Reprivatisation is a controversial issue and investors should carefully check that the target they are looking to acquire is free of any reprivatisation claims.

Reprivatisation is defined as compensation for damages resulting from the forced nationalisation of land, businesses, shops etc. after 1944, i.e. since the time when Poland was subjected to communist regulations. It also applies to land and property remaining outside Polish territory after World War II when boundaries with neighbouring countries were redrawn.

Until now any complex legal regulation on reprivatisation has not been prepared and introduced yet. It is important to point out that despite its lack, it is possible to file lawsuits seeking confirmation of illegality of certain nationalisation actions under general provisions of law. Officials from the Ministry of the Treasury believe that there is a regular trend whereby ever higher indemnities are adjudicated by common courts in such cases.

In document Propuesta para la gestión integral sustentable de los residuos de construcción y demolición (RCD) en el área metropolitana de Guadalajara (página 112-136)