An auction on privatization PJSC Odesa Portside Plant must be held in a completely public and transparent manner, ensuring efficiency and maximum transparency of the privatization of the company. Prime Minister of Ukraine Volodymyr Groysman stated this during the consideration of a draft regulation of the Cabinet of Ministers of Ukraine on approval of the terms of the sale of state shares of PJSC Odesa Portside Plant on a competitive basis within an auction system at a Government’s meeting on Wednesday, 18 May.

"Our task is to conduct this auction as publicly, transparently, openly and effectively as possible," said Volodymyr Groysman.

According to him, it is important to ensure competition, transparency, accessibility, and the largest possible number of bidders. In addition, Ukraine should receive information about individuals - beneficiaries of the companies participating in an auction, "in order to clearly understand a real owner of the company and not just its name," he underlined.

"Our goal is to attract as many participants as possible. We will not hold this auction in case of less than two participants," emphasized Volodymyr Groysman.

The Prime Minister noted that the starting price of PJSC Odessa Portside Plant is defined in UAH13,175,000. However, this amount will be changed as a result of the auction. "There is a market valuation of the plant without any additional assessments of business. It has been determined that this should be 13,175,000. It is the starting price," said Volodymyr Groysman. "A final price will be determined by the auction despite the starting price."

The Prime Minister stressed that consultations had been held with international partners, and many foreign representatives are ready to participate in the auction. "In fact, today by approving these conditions, we give the opportunity to begin the process of public privatization. The number and quality of buyers will be very, very essential," said the Prime Minister. "All the world leading producers in this area have a great desire to participate in this auction."

The Prime Minister has noted that earlier the qualification requirements for buyers envisaged that only one company was subject to the criteria, while the current qualification requirements are intended to ensure maximum access to the auction. "There are no criteria. Everyone has to come. We have to demonstrate the quality, public privatization," said Volodymyr Groysman. However, enterprises from aggressor countries won’t be allowed to take part in the auction.

The Prime Minister pointed out that persons who deliberately led to the creation of debt of the company should be held accountable. "Any debt, and if they have been created artificially, it is a challenge not to the owners, but it is a challenge to the law enforcement system", he said.

Volodymyr Groysman highlighted that this plant has always been a feeder for anyone who tried to manage it in order to get shadow income. So today it is very important that management, public privatization gain the confidence both of society and international partners, as well as provide the effective fight against corruption.