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New Uzbek Law Prohibits Review, Cancellation Of Privatization Deals

Uzbek President Islam Karimov
Uzbek President Islam Karimov
Uzbekistan has adopted a new law, which bans any revision or cancelation of privatization deals.

The law came into effect on September 25, a day after it was signed by President Islam Karimov.

President Karimov earlier said the law will guarantee the rights of private entrepreneurs and protect private ownership.

Uzbek media reported that the new law prohibits any initiative – including initiatives by law-enforcement agencies -- to question, review or annul any privatizations deals.

In Uzbekistan and other former Soviet republics, state-owned enterprises have been sold to private ownership over the past two decades amid widespread speculations that most of the lucrative businesses and ventures were given to those with influence and connections, including party bosses and other high-ranking officials.

Based on reporting by CA-News and AsiaPlus