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Privatisation Agency of Kosovo Republika e Kosovës - Republika Kosovo - Republic of kosovo AGJENCIA KOSOVARE E PRIVATIZIMIT - KOSOVSKA AGENCIJA ZA PRIVATIZACIJU - Privatisation agencY OF kosovo Privatisation Agency of Kosovo Work Report August 2008 – August 2009 WORK REPORT AUGUST 2008/AUGUST 2009 Privatisation Agency of Kosovo 3 Table of Content 1. EXECUTIVE OVERVIEW ...............................................................................................................................3 2. INTRODUCTION ...........................................................................................................................................5 2.1 PRIVATISATION AGENCY OF KOSOVO (PAK) – EXECUtive Activities .....................................................................6 3. MISSION .....................................................................................................................................................39 3.1 VISION ........................................................................................................................................................................................... 39 3.2 MISSION ........................................................................................................................................................................................ 39 3.3 OBJectives ................................................................................................................................................................................... 39 3.4 PAK Organogram ................................................................................................................................................................... 40 3.5 Finances ...................................................................................................................................................................................... 41 4. ASSET REALISATION DIVISION ................................................................................................................48 4.1 Privatisations OF PreDecessor Agency ................................................................................................................................. 48 4.2 Privatisation BY PAK ............................................................................................................................................................... 51 4.3 Privatisation OF AGRICULTUraL LAND ..................................................................................................................................... 53 4.4 BreZovica .................................................................................................................................................................................... 56 4.5 GJakova Enterprises ................................................................................................................................................................. 58 4.6 SOE BAUXite MINE .................................................................................................................................................................... 60 4.7 SOE SHARR ProDHIMI ................................................................................................................................................................ 61 5. LIQUIDATION .............................................................................................................................................63 6. CORPORATE GOVERNANCE DIVISION ....................................................................................................73 6.1 SpeciaL SPIN OFF ........................................................................................................................................................................ 73 6.2 CommerciaLISED SOE’S ...........................................................................................................................................................103 6.3 Direct ADministration ...........................................................................................................................................................119 6.4 TREPÇA ...................................................................................................................................................................................140 7. STRATEGIES .............................................................................................................................................148 8. OBSTACLES AND WAY FORWARD ..........................................................................................................152 WORK REPORT AUGUST 2008/AUGUST 2009 Privatisation Agency of Kosovo 5 1. EXECUTIVE OVERVIEW Honourable President and distinguished members of the Assembly of the Republic of Kosovo, I am delighted to observe that the Privatisation Agency of Kosovo (PAK) is fully operational and heading forward in achieving its goals in privatizations and liquidations. During the reporting period, we have completed tasks deriving from business plan for 2008 and significant part of 2009. In the short history of PAK (established in late August 2008) the world has witnessed a creation of a new state and problems with the transfer of competencies from UNMIK to the Institutions of the Republic of Kosovo, and PAK is the best example of it. The major constraints in evidence during the reporting period and prior years have not gone away. PAK continues to struggle with deficient ownership documents and outdated cadastral records. The Special Chamber of the Supreme Court of Kosovo (SCSC) is swamped with cases from creditors and employees. Moreover, Law on SCSC according to the Comprehensive Proposal for the Kosovo Status Settlement dated 26 March 2007 has not been adopted yet, and as such creates additional problems on the work of the Agency in relation to workers lists and other issues related to PAK. I would also like to raise very important issue of non recognition of PAK by the SCSC and involvement of UNMIK in court cases, where the latter is representing Kosovo Trust Agency (KTA), the predecessor agency, which de facto and de jure is inexistent institution. Breach of commitment Agreements of SOEs privatised through SSO are occupying a disproportionate amount of the PAK Board’s time and energy as new strategies and initiatives have been developed and adopted to address problems. In this regard, PAK has complied with its legal obligations and is continuing to address the issue by engaging external specialised auditors to evaluate performance of New Cos privatised by the KTA through Special Spin – Off method. PAK has also inherited 9 SOEs commercialised by UNMIK. Most of commercialisation contracts expire after 2011, and these will be closely monitored during this period, and all legal actions will be undertaken in case of any breach of the commercialisation contract. We have also managed to streamline issue of 20% and we have accomplished promises given in the beginning of PAK` operations. Moreover, we have inherited from a predecessor Agency a number of 166 pending contracts and I am delighted to announce that most of those have been completed and we continue to prepare all contracts from the privatisation waves launched by PAK. PAK’s mission and strategy will however not change. We will continue with the task of administering enterprises and assets in trust for the benefit of owners and creditors. We will sell, transfer or liquidate without undue delay and press on with the task of distributing trust funds to creditors, employees and owners as quickly as we can. That said, we will also comply with our statutory duty to ensure that all claims are properly handled and correctly treated before we make distributions. PAK inherited the work practices and procedures created by its predecessor Agency. We have managed to build on these but also improved and streamlined to increase the workflow. In the end, allow me to reiterate that we are committed to achieve tasks deriving from PAKs overall strategy and business plan; however the wider implications of the continuing global economic crisis and amendments of the laws related to the work of the Agency may cause unavoidable deviations from plan. Moreover, PAK is ready to provide written explanations on all requirements that You may have in relation to specific issues referred in this report. Finally, I would like to express my gratitude to the European Commission Liaison Office (ECLO) in Kosovo for the financial support. Dino Asanaj, Chairman of the Board of Directors Privatisation Agency of Kosovo 6 Privatisation Agency of Kosovo WORK REPORT AUGUST 2008/AUGUST 2009 2. INTRODUCTION Over 590 business enterprises in Kosovo have been identified as potentially being Socially Owned Enterprises (“SOE-s”). The SOE sector employed an estimated 20,000 people with up to 60,000 people listed as employees (i.e. 40,000 were on unpaid leave). SOEs operated in a variety of sectors including metal processing, plastics, paper, hotels, mining, agro-industrial, agriculture, forestry, building materials, construction, textiles, wineries and vineyards, brewing, tobacco, retail and wholesale trade. It is estimated that SOEs represented 90 percent of Kosovo’s industrial and mining base, 50 percent of commercial retail space, and less than 20 percent of agricultural land - including all prime commercial agricultural land and the vast majority of Kosovo’s forests. Most of Kosovo’s industrial assets, prime agricultural
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