adopted a package of laws on privatization in March of 1992. In
addition, State Privatization Programs for 1992 and 1994 were
adopted by Parliament. Privatization in 1995 and 1996 has been
regulated by the Decrees of the President of Ukraine. The principal
state organ responsible for privatization in Ukraine is the State
Property Fund ("SPF").
has significantly increased the speed of privatization at the
end of 1995. Although the government had begun to transform state
enterprises into joint stock companies and to sell them through
auctions and competitive tenders in 1993, the pace of privatization
of medium and large enterprises had been slow. Most firms privatized
up until 1995 had been small businesses involved in the spheres
of retail trade, food service and other service-related activities.
Furthermore, a significant portion of those enterprises, which
were privatized prior to 1995, had been privatized through a buyout
of the enterprise by the enterprise's workers' collective.