Olympex Advisers has extensive experience in legal support of the privatization processes of the quasi-public sector companies.
By Decree of the Government of the Republic of Kazakhstan No. 1141 On Certain Issues of Privatization for 2016-2020 dated December 30, 2015, a plan for the privatization of state property and quasi-public sector facilities was approved. The implementation of this Decree of the Government of the Republic of Kazakhstan requires a careful approach in terms of legal aspects. Asset owners can encounter many legal nuances of the process of organizing tenders, entering into and executing sale and purchase agreements for their assets.
The asset owners are faced with the task of ensuring the legality of the sale of assets as well as they simply need legal assistance from highly qualified specialists experienced in this field.
In turn, one of the legal services in which Olympex Advisers specializes and focuses its resources is legal support in the process of selling assets of the quasi-public sector.
As part of the privatization program, Olympex Advisers supported the privatization of a large number of companies, which was associated with the application of various areas of Kazakhstan’s law, including the peculiarities of the application of laws on natural monopolies, state property, subsoil use, business code, provisions on strategic objects.
Within the framework of projects, experts:
- developed regulations, rules, or other documents that were designed to regulate the process of selling assets and ensured the transparency of this process (rules for selling assets, regulations on commissions that make decisions on selling assets)
- conducted a legal audit of the assets, which was necessary for potential buyers in order to familiarize themselves with the asset, as well as for the seller in order to obtain information on the asset and identify any restrictions/obstacles to sale
- advised on choosing the most optimal way to sell assets, approved roadmaps and schedules for selling assets
- developed a detailed procedure for the sale of assets, including tender documentation with detailed rules for conducting tenders (the procedure for familiarizing with an asset and submitting tender bids; qualification requirements for potential buyers; investment obligations; criteria for evaluating bids; the procedure for placing security for participation in the tender and reasons for retention; reasons for rejection of bids, the procedure for awarding a sale and purchase agreement, assignment of the right to claim a debt on assets, purchase and sale of bonds, obtaining permits and approvals from state bodies, issues of payment by installments for an asset and provision of security for installments, etc.)
- consulted on the assessment of bids and decision-making by authorized bodies of asset owners
- supported the process of closing transactions/procedures for the sale of assets (negotiations, participation in the signing of documents/contracts necessary for the sale of an asset, compliance with conditions precedent, verification of the authority of signatories)