Vladimir Putin met on Monday, the heads of the largest state-owned companies (VTB, “Rosneft”, “Bashneft”, Russian Railways, “Sovcomflot”, “Aeroflot”, “ALROSA”), to discuss the principles on which to carry out the privatization of state property.
Some of the principles, however, somewhat contradicted each other.
For example, Putin has demanded to prevent the sale of state assets “for nothing.” “The implementation of state property should be economically viable, feasible. It is necessary to take into account the market situation and market trends. There shall be no sale of shares for a pittance, for a knockdown price. For the budget it will not do much good, “- Putin said.
But to sell the state assets at a good price is not obtained, the market is at the bottom, and prices are dictated by the buyer.
to sell, but to keep on control
Do not inspire potential investors and such a restriction, as the desire authorities “to keep in the hands of the state” a controlling stake in state-owned backbone enterprises. If you fulfill this requirement, the investor will receive the asset to which it can not influence, building a development strategy at its own discretion.
That is contrary to the following thesis of President – Transfer of shares to the private sector is possible only if the customer’s development strategy the acquired company.
In addition, the new owners of privatized assets should be in the Russian jurisdiction, demanded that the head of state.
«gray schemes, the withdrawal of assets offshore, concealing the owners of shares is unacceptable,” – Putin said, adding that the move to the new privatization, allowing further ofshorizatsiyu Russian economy properly.
Finally, we must ensure maximum transparency of the privatization process “for both the actors and the public,” concluded Putin.
Plan dreams
Now revamped government bailout plan includes privatization proceeds amounting to 1 trillion rubles for two years. Earlier, First Deputy Prime Minister Igor Shuvalov said that the authorities are considering an ambitious privatization plan for 2016.
In general, the privatization of state assets was the plan approved in 2013 and was designed for three years – 2014-2016. There were listed stakes in six companies (“Vnukovo”, “Sheremetyevo”, “Aeroflot”, “Rosneft”, “Rostelecom” and “Modern Commercial Fleet”). But because of the crisis it is practically implemented. In 2014, revenues from large-scale privatization was only 20.9 billion rubles.
The privatization plan for 2015 was only one major transaction – the sale of 25% shares of “Sovcomflot”, which was supposed to help out by 12 billion rubles., but it was moved to 2016. In October, the head of the Federal Property Agency Olga Dergunova appreciated privatization revenues in 2015 with a small five billion rubles – through the sale of assets of small (in 2014 the volume of the mass privatization amounted to 8.05 billion rubles.).
The reduction of the state share VTB less than 50% plus 1 share was coordinated with the reduction of the state share in Sberbank. But the head of the Central Bank Elvira Nabiullina at a meeting with the president last week opposed the reduction of the share in Sberbank. In her opinion, it would undermine public confidence in the largest state banks. And Putin agreed.
The last time the Central Bank had sold 7.6% of Sberbank to control in September 2012. VTB state reduced its share from 75.5% to 60.9% in 2013.
Earlier, the head of Sberbank German Gref insisted on privatization. You can reduce the package, which is owned by the Central Bank, by about half, and then completely make the main private bank in the country, said Gref said in an interview with the German edition of Handelsblatt. Now 50% minus one share of Sberbank traded in the stock market and “another 25% would be immediately put up for auction.” The remaining 25% Gref proposed to leave from the Central Bank for a transitional period.
The privatization plan “Rosneft” was approved by the Government in 2014 – from 69.1% to 50% plus 1 share. Shares must not be sold below the price of the initial public offering in 2006 – for $ 7,55.
Mystery Shopper
«key question – who is the buyer, who will be the beneficiary of this privatization? Oligarchs? Financial speculators who tore a huge jackpot on the Moscow stock exchange due to the collapse of the ruble, due to depreciation of the income of enterprises and the impoverishment of the citizens? “- Says presidential adviser Sergei Glazyev.
According to estimates Adviser to the President, over the past year and a half speculators “earned” on the manipulation of the national currency exchange rate $ 50 billion.
These savings can not lie long dead weight, they should be invested. For this reason, large speculators have agreed to return to the previously adopted program of privatization of state assets. But now some of them say that the privatization should not hurry, said Glazyev. “Speculators say that you first need to reorganize inefficient companies and banks with the help of the budget, remove losses on government assistance, or who will buy state stakes with such holes, and then it is possible and in the privatization to take part”, – said Glazyev.
For this reason, the president outlined the principles of a new wave of privatization – the publicity, with the exception of state credits and offshore. On these principles, when compared to the 1990s, privatization in Russia has not yet been carried out, said Glazyev.
«I remember that privatization was based on the investment competitions, but who then checked – whether the commitments made? No one has reported, but in most cases, investment plans have not been implemented. This property of the new owners no one wins. This should not happen again, “- said Glazyev.
If the privatization really got a hold on voiced by President principles, it can be effective, and the experience of other countries, particularly the UK, it argues, underscores the adviser to the president.
slipped to elections
«But I hope that the authorities will check where the money came from new privatisers. Clean and legality of privatization of state property in the capital – firm rule in all civilized countries. This is to ensure that privatization has not been used to launder illegal proceeds, “- sums up the advisor to the president.
Vladimir Tikhomirov from BCS calls the privatization plan -” fire version of the government. ” He was always ready. Plans for privatization always thoroughly discussed, but the real action is not reached. Tikhomirov sure that this time the mechanism of “large privatization” if it is running, it is not in the near future.
«window of opportunity for privatization – between the Duma elections September and the end of 2016. Then starts the presidential race, and at this time to make unpopular decisions of the authorities, too, is not without absolutely necessary “, – said Tikhomirov.
On Tuesday, February 2, Prime Minister Dmitry Medvedev will hold a meeting on anti-crisis plan, which will also discuss privatization. According to him, the sale of stakes in state-owned companies will help stabilize the budget.
Despite the crisis in the economy and the availability of the budget deficit to more than 2 trillion rubles at the need for urgent replenishment of the state budget from privatization is not, said Tikhomirov. In the first six months because of irregular spending of the budget deficit will not be noticeable. The money in the budget for the first time there, part of the money will transfer from the previous year.
«The need to increase the cost will by the end of the summer, to the election. But by this time the oil will go up in price, and the budget deficit will be reduced. In extreme cases, the authorities can cut defense procurement without compromising the image, because the expenditure for defense is still opaque. A sell state assets before the elections, the price is 2-3 times lower than it was before the crisis, fraught with indignation on the part of the Left Opposition. Such opportunities trump they do not give “- said Tikhomirov.
The Finance Ministry and Economic Development Ministry declined to comment.
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