Emergency Government Ordinance 52 of March 29 2001 concerns the acceleration and finalization of the privatization process for companies operating in the tourism sector. It sets forth a legal framework derived from the common privatization regime, which is regulated by Emergency Government Ordinance 88/1997 on the privatization of companies, as amended.

The key points of the new ordinance include:

  • conditions and greater powers for the Ministry of Tourism to agree on the payment in instalments of the price for the shares sold;

  • instructions for the preparation of company prospectuses to be provided to potential buyers;

  • simplification of the open-bid auction procedure, in terms of publication formalities and performance; and

  • authorization of the Ministry of Tourism to reduce the state shareholding in tourism companies in the case of property restitution grounded on Law 10/2001 on the regime applicable to certain immovable assets abusively appropriated by the state between March 6 1945 and December 22 1989 (see The Impact of Restitution of Industrial Assets on Privatized Companies).

The Ministry of Tourism has been appointed as the public institution that will be involved in the privatization of state owned or majority state owned companies in the tourism sector.

For further information on this topic please contact Adriana Gaspar at Nestor Nestor Diculescu Kingston Petersen by telephone (+40 1 201 1200) or by fax (+40 1 201 1210) or by e-mail ([email protected]).

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