Constitutional court ruled the parliament violated constitution (3.10.2002)

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Investiční bankovnictví KB

      Constitutional court ruled yesterday the Parliament violated constitution, when it approved an amendment to commercial code, which guaranteed minority shareholders an obligatory buyout of their shares in privatization sales. The Parliament has to fix this until 31 March 2003. Thus the investors are not obliged to offer buyout to minority shareholders. Constitution court will also discuss this issue, however it had not given any deadline.

       In our opinion, the government will try to amend the commercial code to guarantee it maximum privatization revenues. Therefore, it would push to exempt privatization sales from the obligation to offer buyout of minority shareholders. Nevertheless, the minority shareholders are disadvantaged in favor of high revenue for the government, which the Constitution court should not tolerate. A chance for the minority shareholders to directly profit from privatization sales depends on decision of this institution.

      

      Tyto zprávy pro vás vytváří Investiční bankovnictví KB.