DISTRIBUTION OF VOUCHERS TO COMMON PUBLİC
AS A METHOD OF PRIVATIZATION AND ITS APPLOCATION IN
Dr. Muhammet AKDİŞ
I-INTRODUCTION
Privatization
is a reality of our era. Almost all nations ranging from those countries which
have adopted liberal economy with its various applications to former
There
are extremely different techniques of privatization being effected. In
particular, this matter is of a special importance in the economies which
adopted in the past a socialist economy system and which brought entire
economic units under state property. That is because this means not only
privatization of state property but a transition to a new economic system.
II – PRIVATIZATION TECHNIQUES THE
VOUCHER METHOD
There
is an extremely wide range of privatization techniques which found field of
application for themselves throughout the world.
However, in eastern block countries in particular the matter takes up a
different shape and there may be certain differences in practice observed. One
such different practices is the Voucher method.
A-
THE VOUCHER METHOD CONCEPT ANN THE
GOAL OF THE COUVHER METHOD
Meaning
instruments, receipts or voucher and having different names in every country,
the concepts refers to privatization shares certificates of documenting shares
at institutions to privatized.
The
system of privatization through voucher in principle is based on the logic that
all people living in a given country should have equal claims of ownership over
entire property to be privatized. The basic goals of practice distribution of
capital to the base and accomplishment of privatization in a swift manner1 and
provision of vertain amount of the profits derived
from such privatization for the public.
B-MODE OF APPLİCATION OF THE VOUCHER
SYSTEM
To
apply the voucher system, it is necessary first to determine the values of the
institutions to be privatized; having vouchers printed which correspond to such
values; offering common public of such printed vouchers, creation of a market
where the vouchers dealings can be made; later, it is necessary to go though
steps involving transformation of the institutions to be privatized into joint
stock companies and sale of certain lots of their shares at auctions in
exchange for voucher cum; and purchasing of given company shares by buyers upon payment of such
sums with voucher.
III- THE COUNTRİES WİTH THE VOUCHER
SYSTEM APPLICATIONS AND THE RESULTS
Recommended
by World Bank, the voucher system found itself a field of application
particularly in
In
In
In
It
was in
In
short, together with certain problems privatization with voucher was practiced
in
IV- APPLICATION OF THE VOUCHER
SYSTEM IN
A- GROUPING THE ENTERPRISES IN
Table
1 illustrates the sizing criteria used for grouping the enterprises in
Table 1
The Grouping Size of Enterprises
Active in
|
Lines of Field of |
Grouping the enterprises by number |
||
|
Enterprises |
of emloyees |
|
|
|
|
Small |
Medium |
Big |
|
1. Industry
|
50 |
51-300 |
Above 300 |
|
2. Transportation |
15 |
16-75 |
Above 75 |
|
3. Construction
|
25 |
26-150 |
Above 150 |
|
4. Trade |
10 |
11-50
|
Above 50
|
|
5. Service |
10 |
11-50 |
Above 50
|
Source:
State Program for Privatization of State Property between 1995 and 1998 in
According
Table 1, present number of small enterprises is approximately 13621 in Azerbaijan.4
Privatization in these sectors on the other hand was accomplished, based on
different principles separately for small enterprises and again different
principles for medium and big enterprises. In addition to mass privatization
where the voucher privatization was practiced, a brief mention should be made
to privatization of small enterprises in the following lines.
1.
Privatization of Small Enterprises
Privatization
of the establishments regarded as a small enterprises
by their number of employees was deemed as compulsory according to State
privatization program.
Table 2
Small Enterprises Privatized In
Azerbaijan
|
Item |
Bussiness |
Number |
Initial |
Starting |
Price of Selling |
|
|
No |
Category |
|
Value(100$%) |
Price(85%) |
Thousand
|
ABD |
|
|
|
|
Thousand |
Thousand |
Manat |
$ |
|
|
|
|
Manat |
Manat |
|
|
|
1 |
Service |
7380 |
28434404 |
24232310 |
24169243 |
616720 |
|
2 |
Trade |
614 |
47652075 |
40504264 |
40504264 |
1033536 |
|
3 |
Social Needs |
146 |
6940469 |
5899399 |
5899399 |
150533 |
|
4 |
Fuel Oil Fill Stations |
316 |
50796544 |
43177062 |
43177062 |
1101737 |
|
5 |
Bread Selling Stores |
360 |
10933018 |
9293065 |
9293065 |
237128 |
|
6 |
Bread Barkery |
140 |
6809788 |
5788320 |
5788320 |
147699 |
|
7 |
Industrial Enterprises |
242 |
16792294 |
14273450 |
14273450 |
364212 |
|
8 |
Construction Enterprises |
27 |
3416761 |
2904247 |
2904247 |
74107 |
|
9 |
Enterprises with |
|
|
|
|
|
|
|
Uncompleted Construction |
22 |
1926724 |
1637715 |
1637715 |
41789 |
|
10 |
Transportation Enterprises |
371 |
142281 |
120939 |
120939 |
3086 |
|
11 |
Enterprises offered to let |
54 |
2631788 |
2237020 |
2237020 |
57081 |
|
12 |
Enterprises offered to let but |
|
|
|
|
|
|
|
not domiciles themselves |
51 |
3520869 |
2992739 |
2992739 |
76365 |
|
13 |
Other Enterprises |
8 |
55059 |
46800 |
46800 |
1194 |
|
|
Total |
9731 |
180052074 |
153107330 |
153044263 |
3905187 |
1$=3919 Manat (Official currency)
Source: State Property Committee
In
privatization of these establishments, it was aimed transferring 15% of
enterprises to employees on privileged prices, and selling the remaining part
though public actions5. Privatization of fuel supply stations and
bread selling kiosks which are spread nation wide and considered as small
business corporation category in continuing. Table 2 illustrates information on
the enterprises privatized in
As it
is apparent by Table 2, total of 9731 small business enterprises were
privatized and a profit of about US$ 4 millions was derived thanks to the
efforts made up to date. Number of the privatized establishments constitutes
about 70% of total enterprises. The number is increasing every day. As of
January 1998, the number exceeded 130006, reaching 90% of the total
number.
2-
Privatization of Big and Medium Size Enterprises (Mass Privatization)
Privatization
of big and medium scale enterprises (mass privatization) in
-15%
being used in form of privileged sale of the enterprises to their employees.
- 50%
voucher public auctions,
-
10-20% pecuniary public auctions,
- while the remaining, in pecuniary public auctions or
creation of investment funds7; thus, completion of the privatization
process. Law orders that all privatization transactions shall be materialized
using Manat which is the national currency unit8.
However,
there is also another application called Gold Share Clause(Kızıl Semih) in privatization of
medium and big size enterprises in
A-
PRIVATIZATION
OF GIB ENTERPRISES AND THE VOUCHER METHOD IN
In
Practised
in
1- Relevant Institutions With Regard To Privatization
in
The
institution called State Property Committee(SPC) is
the responsible body for privatization efforts in
SPC
was entrusted with the task of carrying out the voucher system in its entirety.
That is to say, field of activity of the Committee covers issuing vouchers,
offering to common public, determining values of the institutions to be sold
through the voucher public auctions, and sale of such institutions though
auctions.12
SPC
was also entrusted with missions pertaining to the taking necessary measures to
make sure that the voucher system runs trouble free, and the bodies to be
established. In this respect, both establishment and operation of institutions
and establishments such as National Stock System (NDS), Voucher Investiya (Investment) Funds(VIF), and Voucher Stock
Exchange (VSE).13 NDS will be an institution where commercial
papers, privatization vouchers are dealt, vouchers are recorded and their
circulation is regulated. Likewise, VSE will be composed of a series of centers
where voucher prices are regulated on free market, and their dealings are made.
As to what constitutes the goals of VIFs, these are
anticipated to be established as joint stock companies open to common public,
sale of their shares in exchange for vouchers; maximize the shares held by the
common public to possible extent and use of such shares in purchasing lucrative
enterprises to be privatized; subsequently, distribution of net profit derived
through such companies to VIF partners. What was intended by application of the
voucher system with such organization was to prevent property from being lost
within a big mass and to overcome probable difficulties which might occur in
the administration as well14. However, as of early 1998, only NDS
went into service, and work on establishment of others are currently under way.
2- Determining the Value of State Property To Be Privatized
It
was envisaged that the state property to be privatized should be appraised in
terms of their value prior to privatization. Same process shall also apply to
the enterprises to be privatized though voucher.
To
that effect, start appraisals to be determined as the result of full inventorization of the State property to be privatized
shall be determined by relevant establishment or by the commissions to be
constituted and such appraised values shall be subsequently submitted to SPC15.
The
full inventorization process which constitutes the
basis of the start appraisal value to be determined by the relevant enterprises
or appropriate commissions, on the other hand, are realized taking fully into
account the assets and liabilities concerning the corporation to be privatized.
However, the assets of enterprises excluding monetary and financial assets are
revaluated. In revaluation, increases in certain amounts are applied to the
balance sheet value.16
All
such process were also carried out for those
enterprises to be privatized with voucher, and these computations were kept in
purview in issuing and distributions of vouchers. According to this
calculation, total values of the institutions and enterprises start appraisals
of which were determined and given to NDS and which were thought to be privatized
with voucher were found approximately to be at 200x32.000.000 US$, 6.400.000.000.- and it was envisaged that the
allotments (shares) given to each citizen should earn a profit of about US$800.
3- Issuance and Distribution to Common Public
of Privatization Vouchers
NDS
carried out transactions concerning issuance of vouchers conforming to the
State program which went into effect in 1995 and distribution of such vouchers
to common public began in marc 1997. Distribution of vouchers continued throughout
the nation and ended on
Differently
from other countries, each privatization shares in
Privatization
vouchers were entitled to all claims such as being sold, endowment, retained as
guarantee, succeeded as inheritance, etc., though these vouchers were meant
virtually for use in purchasing state property to be privatized. All such
transaction were put into practice upon completion of
distribution of privatization vouchers. Privatization vouchers were envisaged
to be use for privatization operations for three years21.
4-Privatization Voucher Dealings at
Free Market
When
privatization vouchers were distributed to common public, the process of deals
at free market also began. SPC declared public that each privatization share
was around US$600-800. However, there were major fluctuations in prices of
vouchers and extremely lower prices prevailed than had ever been anticipated
that was because institutions such as NDS, VIFs and
VSE envisaged to be constituted for better operation of the voucher system
could turn to be only semi-operational and there was a vagueness on
privatization.
Vouchers
were dealt by voucher brokers accumulated at certain locations. During the
first months, (March 1997) prices of these vouchers for buyers were US$200 and
a share of
When
it was definite that certain State property would soon be sold in turn for
privatization vouchers and as the dates for public auction were more visible,
share prices rose towards late July 1997 to US$40 $50 . As of January, value of
a share is around US$60.
5-Sale of Vouchers to Foreigners
As
was mentioned in earlier chapters, owners of the vouchers are citizens as
According
to such conditions, in order for the foreign real or corporate persons, and the
stateless persons and the enterprises of which 25% of grand capital belong to
foreigners, to participate in privatization, they must obtain a “Privatization
Option”23. Issued by SPC, the Privatization Option is a commercial
paper made out to the bearer, and it grants its holders to be entitled to a right
to purchase one vouchers that were obtained based on such rights should be used
in privatization for a term of three years24. As for the number of
Options, it was anticipated these to be about 15% of the privatization vouchers25.
However, as of January 1998, that amount was surpassed. The Option is priced
and distributed by SPC which issues it as well. The prices quoted were US$0,5 to 1 for each option in September and October 1997. As of
November 1997 on the other hand the price of one option on US$ was found to be
around US$26. Further, a limitation was introduced for purchases of
option, and the amount of the options which a foreigner could possibly buy were limited to
400.000 in figure. Currently, over 100 foreign companies27 bought
total 16.589.000 options, 12 million options being on Manat
2.000, while 4 million options being on Manat 4.000.28
Number of options sold as of January 1998 exceeded 18 millions29.
6-Use of Privatization Vouchers In Privatization Operations
In
a-
Identification of the State
Enterprises to be Privatized With voucher
As
one may have noticed in previous sections, number of those state property and
enterprises are identification those state property and enterprises which are
considered as medium or big scale enterprises are the subject of privatization
with voucher. However, there may be the ones whose privatizations are not
appropriate and such enterprises are determined by
b-
Transforming Enterprises To Be
Privatized with Voucher Into Joint Stock Companies
With
a decree that was issued in the fires when Azerbaijan was still a part of the former
Soviet Union, the means and principles governing the transformation of numerous
State- owned property and enterprises into “Share Groups” that are joint stock
companies, have been established32. Operations concerning
transforming state property and enterprises which are deemed as appropriate for
privatization to joint stock companies are carried out according to provisions
of the regulation based on his Law. According to the provisions, privatization
committees are constructed in every enterprise to be privatized. Privatization
plans devised by such committees and the criteria and coefficients to be taken
into account in appraisal of the value of a given enterprise in full are
submitted to SPC. According to the model plan accepted by SPC, the capital of a
given enterprises are divided into shares and thus it becomes possible for that
enterprise to be a joint stock company32.
Those
institutions and establishments which turn into joint stock companies have two
kinds of shares. First kind of share are common stocks which enable their
holders to cast a vote at general assembly, while the second kind of shares are
privileged shares which earn their holders only to be entitled to a right to
get a share from the profit. In the privatization process,
the privatization of from the profit. In the privatization process, the
privatization of only the common stocks and the distribution of privatized
company net profit net profits starting from privileged shores, have been
envisaged33.
c-
Putting Company Shares On
Management
of the shareholders group which are constituted through identification of
institutions and establishment to be privatized and division of their shares
into shares shall be vested with the NDS. As a result, at least 50 percent of
the common stocks of the shareholders group shall be distributed for sale at
auctions and sold in turn for privatization voucher34.
The
auctions involving enterprises to be privatized determined by NSC, are being
carried out at a center in
d-
Transfer of Companies to Their
Respective Buyers
All
operations involving privatization vouchers are being carried out at a center
which shall replace NDS within SPC since NDS is not established as a separate
structure. Registers of shareholder citizens after public auctions are taken at
the center and they are awarded official documents representing their shares.
Upon
awarding of the official documents, all vouchers used in such operation are
invalidated35.
7- Privatization with Voucher in
Privatization
with voucher operations in
Table
3 illustrates in detail the results concerning voucher public auction held.
Table 3
Enterprises Privatization With Voucher In
|
Voucher |
First
|
Total
|
Capital
of the |
Capital
of Total |
Ones
which Were |
Sold |
|
Auciton |
Issued |
Issued |
First
Issued |
Total
Issued |
Offered
for |
(Thousand) |
|
|
|
|
(Manat*) |
(Manat*) |
Public
Auction |
(Manas*) |
|
|
|
|
|
|
(Thousand) |
|
|
|
|
|
|
|
(Manas*) |
|
|
1 |
21 |
21 |
54.195.546.920 |
54.195.546.920 |
8.080.130 |
7.844.655 |
|
2 |
41 |
50 |
114.279.493.971 |
128.192.504.231 |
21.486.900 |
20.485.025 |
|
3 |
15 |
50 |
44.318.886.500 |
152.636.097.660 |
55.633.490 |
52.638.384 |
|
4 |
22 |
50 |
185.981.263.000 |
242.729.343.800 |
118.689.750 |
116.470.282 |
|
5 |
27 |
50 |
81.874.133.000 |
139.247.772.120 |
38.108.370 |
37.805.450 |
|
6 |
13 |
50 |
7.184.291.092 |
249.215.271.092 |
44.037.070 |
43.748.368 |
|
7 |
19 |
50 |
11.643.195.488 |
98.531.869.479 |
17.135.900 |
16.949.035 |
|
8 |
36 |
50 |
47.164.596.800 |
58.683.174.200 |
21.336.490 |
20.997.970 |
|
9 |
32 |
50 |
26.651.936.300 |
89.261.284.200 |
27.512.540 |
28.692.329 |
|
10 |
30 |
50 |
76.559.342.700 |
132.790.031.180 |
49.109.170 |
47.024.843 |
|
11 |
41 |
70 |
131.954.315.000 |
151.211.196.700 |
75.246.790 |
74.516.130 |
|
12 |
41 |
65 |
121.818.134.200 |
143.405.167.200 |
66.242.270 |
65.080.875 |
|
13 |
23 |
50 |
84.110.267.470 |
159.355.493.470 |
49.464.880 |
41.669.320 |
|
14 |
48 |
70 |
58.887.877.870 |
106.679.192.236 |
31.370.940 |
27.446.520 |
|
Total |
409 |
726 |
1.046.623.280.311 |
1.906.133.944.488 |
623.454.690 |
601.369.185 |
As it
is apparent by the Table 3, around 762 enterprises were offered for sale at
public auctions and a revenue of about US$160 millions
were collected.
8- Difficulties Encountered in
Privatization With Voucher and Criticism for The
Voucher System
As in
eastern block nations where economic system and all property beign under state control, privatization in
a-Negative Impact of Countries Conditions On Privatization
One
of the most important reasons for the fact that privatization may not be going
as it is earlier stated on the Governmental programs lies with the conditions
prevalent in a country. Among them, chiefly the institutional deficiencies
caused by transition to a new system are; lack of trained manpower on
privatization and free market economy; change in the system; and financial
deficiencies caused by the state of warfare and invasion of Nagorno
Karabagh.
b-Errors of SPC Concerning Privatization
There
are statements that SPC has been in error with regard to its respective
operations for privatization. First, it is said that necessary infra- structure
has not been laid prior to distribution of the privatization vouches to common
public38. Free circulation of the vouchers on free market is shown
as one of the strongest indications of the fact that SPC was unprepared for the
second phase of privatization. The fact that there was not an established
system for circulation of the vouchers when they were first distributed to
common public and that the government was late to undertake necessary
legislative arrangements created opportunities for certain circles to collect
the vouchers from common public39. The poorest among the segments of
the society were the first ones who most eagerly sold their vouchers and
disposed their vouchers immediately for rather low prices40.
Second
criticism on the other hand advocates the claim that citizens were misinformed
on privatization vouchers. SPC declared value of one privatization voucher to
be around US$200. However it is claimed that this was done deliberately and the
citizens were urged to sell their vouchers41. Furthermore, real value of the vouchers were declared much more differently by
the official organs of the state42.
Third
criticism is that common public were not informed
enough by SPC. There are criticisms saying that the public were not
sufficiently informed particularly by television instead SPC tried reaching out
to the common public rather through printed media and this criticism is also
accepted by then SPC itself43.
Same point was also criticized by World Bank as well. Although there are
two state run TV stations in
c- Delayed Distribution of Privation
Vouchers
Another
criticism against privatization practices is that mass privatization was begun
in 1996 although the Law On Privatization was passed
in 1993. As it was mentioned in the chapters above, distribution of the
privatization vouchers which constitutes mass privatization came true but 1,5 years later than the period stated on State Program45.
During the era when privatization was delayed, making of the necessary reforms
for transition to privatization failed45.
d-
Delayed Establishment of NDS, CIF
and VSE
Privatization
vouchers are dealt in free market since SPC has not established a Stock
Exchange for unimpeded deals of privatization vouchers and as there are no
already established regulations. On Black market, price of the privatization
shares are seeing deals at approximately 10 to 20 times lower than of the one
declared previously by the government and it is further said that voucher
brokers have major impact on declination of voucher prices artificially47.
e-
Voucher Auctions Which Began Prior to
Completion of Distribution of Vouchers
First
voucher auction was conducted within 15 days after distribution of
privatization vouchers to common public. At the date of that auction only %20
of the common public managed to be in possession of their privatization shares.
Another issue generally criticized is the fact that SPC started voucher
auctions in line with the recommendations of IMF prior to the completion of
voucher distribution48.
f-
Insufficient Information of Common
Public
People
were not furnished with necessary information on privatization vouchers. Many
believe that vouchers were given as assistance to themselves to improve their
social level49.
Ignorance
causes common public to sell their vouchers on extremely low rates on free
market, something which is most liked by voucher brokers or high level
bureaucrats50. The fact that those holders of privatization vouchers
did not actually know what to do with them caused 20%-25% of the common public
sell their vouchers on very low rates on free market51.
g-
Lock of Sufficient Competition at
Public Auctions and Privatization of State Enterprises on Extremely Low Rates
It is
stated the privatized State enterprises were privatized on low rates and that
was caused by low level of competition due to the privileges granted to
employees of such enterprises. Even in privatization of cotton cleaning plants
which were highly suitable for making investments for shareholders in
h-
Involvement of Foreign Capital in
Privatization
There
are two kinds of criticism against involvement of foreign capital with
privatization. The firs criticism features that participation of foreign
capital in privatization which is also contained in Article 4 of the
Privatization Program, there was not a suitable environment created for this
purpose and that with privatization choices provided by the foreign capital for
the country was also limited54. Another criticism advocates that the
fact that about 18 millions of options were sold corresponded to more than half
of the privatization vouchers and this may be interpreted as that more than
half of the State property were going to be sold over to foreigners.
V. CONCLUSION
In
addition to former eastern block nations,
However,
the privatization efforts constituting the most important step pf the efforts
to make a transition to a liberal economy is continuing at utmost speed. The
voucher system recommended to former eastern block nations by the World Bank is
being carried out with care and resoluteness though criticisms of all sort. Taking lessons from negative experiences of the countries which
already practiced similar privatization system.
It is
hoped that the voucher system in
FOOTNOTES
1
2.
Ilib
3.
Paul
Knight and Elizabeth Danes, “Privatization in the Former Soviet Union” In,
Investment Opportunities in the former Soviet Union, 1994, p.34
4.
Zafer Hüseyinov, Refet Askerov, Asef Ağayev, Privatization in
5.
Pep.
Azer. State Program for Privatization of State Property between the years pf 1995 and 1998 a.g.p. Art7(4)
6.
SPC,
Press Release dated
7.
Azer. Rep. State Program For Privatization of State
Property between the years of 1995 and 1998 a.g.p.
Art.8/3
8.
Privatization
Law, Art.7/1
9.
Field
Properties of Privatization of State Property,
10.
CSIS
Weekly Magazine,
11.
Written
Basis on State Property Committee of Republic of Azerbaijan no.438 dated
12.
Privatization
Law (No445), Art.3
13.
Azer. Rep. State Program For
Privatization of State Property between the years of 1995 and 1998 a.g.p. Art 5, Art 10 and Add. No.7
14.
Paul
Knight and Elizabeth Danes “Privatization in the Former Soviet Union”, a.g.m. p.34
15.
Methodological
Views on Appraisal of the Privatized State Property dated
16.
Ö.
Faruk İnal, Privatization
of Meyve-Terevez Corporaitons
in Republic of Azerbaijan and Regulation of Their Activity, Azerbeijan
Institute of Scientific Investigations Economy and Constitution of Urban
Disposal, Unpublished Dissertion, 1996, p.124
17.
The
Decree of Head of State on Privatization Shares,
18.
A.B.Azizov, N.L. Ahmedov, E.H. İsmayilov, How to Benefit From
Privatization Shares, Bak. 1996. , pp. 6-7
19.
Written
Basis On State Privatization shares dated
20.
Verbally
Told From
21.
A.B.
Azizov, N.L. Ahmedov, E.H. İsmayilov, a.g.e. p.8
22.
The
“Mülkiyet” Newspaper, Baku-SPC Publications, 14-25 Jaunary 1998, p.2
23.
Rep.
Azer. State Program For
Privatization of State Property between the years of 1995 and 1998 a.g.p. Art. 4/3
24.
A.B.
Azizov, N.L. Ahmedov, E.H. İsmayilov, a.g.e.p8
25.
Ibid
26.
The
SPC Decree No. 889 dated
27.
B.
Nuriyev, Speech Delivered by Him On The Meeting A
28.
The
Newspaper “Mülkiyet”, 4-11 November 1997.
29.
Verbally
Told From
30.
A.B.
Azizov, N.L. Ahmedov, E. H.
Ismayilov, a.g.e.p.7
31.
Res.
313 and dated 9.7.1990 of the Azerbaijan SSR Cabinet of Ministers
32.
Rules
Governing Transformation of State Enterprises to Share Groups in The
Privatization Process, App. 2.29 September 1995,Art.
4-7
33.
A.B.
Azizov, N.L. Ahmdov, E. H. İsmayilov, a.g.e. p.16
34.
Rep.
Azer State Program For Privatization Of State
Property between the years 0f 1995 and 1998 a.g.p.
Art 8/2-3
35.
Rep.
Azer. State Program For
Privatization of State Property between the years of 1995 and 1998 a.g.p. Art. 12/2
36.
Te
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