ECONOMY

New tools and rules for TAIPED to aid privatizations

The government is equipping state sell-off fund (TAIPED) with new tools, mostly financial, in a bid to accelerate the privatizations program.

The new bill will allow the fund to issue shares, list stocks on bourses, issue warrants, i.e. share purchase rights, and so on. The main aim of the changes to be introduced will be to arm TAIPED with the capacity to securitize future revenues from real estate sales or leasing, etc.

Among the provisions of the draft law will be the reshaping of the fund’s structure. It will provide for the appointment of a vice president, who will be the current chief executive officer Yiannis Emiris. The governing board will be able to convene and make decisions even with the presence of just four members, down from five members today, and in the absence of the president.

These changes will allow for the continuous operation of the fund’s administration even when a board member is unable to attend. In the summer, following the resignation of then TAIPED president Stelios Stavridis, the fund’s management was unable to reach any decisions for two months.