Results of privatization not to be reviewed in Uzbekistan

Business Materials 31 August 2012 16:39 (UTC +04:00)

Uzbekistan, Tashkent, Aug 31 /Trend D.Azizov/

Senate (upper house of the parliament) of Uzbekistan approved the law On the protection of private property and guarantees of property rights, according to which the inviolability of private property that occurred in the process of privatization of state property is provided, and a ban on the review and cancellation of the privatization is introduced.

The law was passed by the Legislative (lower) House of Parliament at the beginning of August this year.

According to the law, the right for private property is permanent. It isn't allowed to establish the period of ownership, use and management of privatized property.

The law also prohibits the imposition of obviously unfavorable conditions to the owner including the unreasonable demands of transfer of property, money or other property rights, illegal intervention in economic activities of the owner.

The law On the protection of private property and guarantees of property rights has been developed in order to implement the concept on further deepening of democratic reforms and formation of civil society in the country initiated by President Karimov.

The adoption of this law will create favorable conditions for the efficient functioning of the economy of private property, provide stimulating entrepreneurial initiatives, as well as guarantees of owner's business.