On 4 March 2014, the House of Representatives of the Republic of Cyprus enacted a law regarding the Regulation of Issues of Privatisations (“Privatisations Law”) which sets the legal and institutional framework to enable the exploitation of state assets.
The Privatisations Law included the establishment of the Privatisations Unit (“PU”), an independently appointed unit that operates under the supervision of the Interministerial Committee for Privatisations established pursuant to the provisions of the Privatisations Law.
Pursuant to Section 11(1)(a) of the Privatisations Law, the PU acts as a consultative and coordinating body under the direction of the Commissioner of Privatisations (the “Commissioner”). The PU’s responsibilities are set out in Section 11 of the Privatisations Law.The Commissioner consults and acts, at all times, under the direction of the Interministerial Committee for Privatisations and/or the Council of Ministers, and in accordance with his responsibilities, as set out in Section 12 of the Privatisations Law.
The Council of Ministers is authorised to declare any Government owned assets / entities as assets / entities subject to privatisation and declare the commencement of their privatisation, the process and method to be applied.
Currently, the PU supervises and coordinates the exploitation processes of the following assets which have been declared by the Council of Ministers as assets subject to privatisation:
|22/05/2015||ΚΔΠ 170/2015||Activities of the National / Government Lottery|
|07/08/2015||ΚΔΠ 273/2015||Certain Troodos Real Estate Assets|
For more information on the relevant legislation, please visit Privatisation Unit - Legislation / Decrees / Council of Ministers Decisions