State Equity Ownership Rights Transferred to SCIC

Accordingly, central and provincial/municipal authorities will direct relevant agencies and representatives of State capital in enterprises to transfer their representative rights to SCIC and coordinate with SCIC to complete documents and perform transfer in accordance with the law.

 

Until the rights of State equity ownership are transferred to SCIC, companies will not be allowed to change their scale or capital base, or sell their equity assets in affiliated and associated companies.

 

If representatives of State capital in enterprises lack cooperation in the transfer of such rights, central and provincial/municipal authorities will coordinate with SCIC to replace representatives of State capital in those enterprises.

 

Deputy Prime Minister Ninh assigned SCIC to coordinate with central and provincial/municipal authorities to execute the transfer of State ownership rights within 60 working days from the date enterprises (wholly independent State-owned enterprises go public) are given the first business registration certificate according to Circular 118/2014/TT-BTC dated August 21, 2014 of the Ministry of Finance with instructions to transfer of State representative rights to SCIC.

 

For loss-making companies and those without State capital, current representatives must completely settle existing issues according to the law before advancing the transfer of representative rights. Collective and individual responsibility will be defined for any loss of State capital (if any).

 

Deputy Prime Minister Ninh requested the Ministry of Industry and Trade and the Ministry of Construction to direct State-owned enterprises under their administration to quickly build divestment roadmaps for 2016-2020 period and submit them to the Ministry of Finance before January 31, 2016.

 

The Ministry of Finance will collect and process opinions from central and local agencies on State capital ownership in enterprises with important roles in local economic development and enterprises managing much land (agricultural and forestry companies). The Ministry of Finance will submit its report on this issue to the Government for consideration and decision prior to December 31, 2015.