Yushchenko Vetoes Privatization Program

President Yushchenko yesterday vetoed the privatization program adopted by parliament earlier this month, arguing that parliament had no right to order the State Property Fund to privatize particular companies. He also objected to clauses calling for sales by auction, which he said clashed with existing privatization legislation, and to a clause that would give the rights to a company’s land to any buyer of a stake greater than 25%, which he argued would violate the rights of other shareholders. Tom Warner: The privatization program is only tentative anyway, so It doesn’t much matter whether it is signed into law. Yushchenko’s real aim is to re-assert influence over the State Property Fund, which was subordinate to the president until this year’s constitutional changes. He is unlikely to succeed, but his efforts might make it somewhat more difficult for Prime Minister Yanukovich and the Cabinet to get their way.