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HISTORIC OVERVIEW OF PRIVATISATION PROCESS IN LITHUANIA

Privatization process was launched in Lithuania in September 1991 and since then it has constituted an integral part of Lithuania's economic reforms. The entire privatization process may be divided into three major stages:

• The first stage covers the privatization that took place from September 1991 until July 1995. This phase may be called a mass privatization for vouchers with some elements of cash sales. The voucher method was chosen as the most effective way of transferring the ownership of the state-owned enterprises. The privatization of state assets in Lithuania during that phase has been based on the Law on Initial Privatization of State Property passed in late 1991 and amended in 1993. As a result of that phase, Lithuania has become a country with a majority of the GNP generated in the private sector.

• The second phase of privatization started in July 1995 with the introduction of a

new Law on Privatization of State and Municipal Property. A State Privatization Agency and a State Privatization Commission were established in late 1995 to administer the process. According to the Law, the second phase will call for cash privatization of remaining state and municipal property at market prices. Local and foreign investors will have equal rights in purchasing the companies offered for the privatization in Lithuania. During the second phase of privatization the government will have to decrease its control in the sectors of economy generally recognized as the state monopoly through the cash sales. According to the Law on Privatization all bidders have equal rights in the privatization process. Previously existing concessions for the employees and management have been eliminated from the new Law. During the second phase of privatization the amount of investment into Lithuania was comparatively small. Investors had to lodge documents with many different institutions, and therefore the privatization procedure took some time. Individual ministries were not interested in preparation of objects for privatization. Besides, legally the former privatization institutions had no right to transfer obligations of enterprises to the purchasers because they were not real managers of enterprises.

• New laws of privatization and State Property Fund (SPF) were passed in November 1997. According to the aforementioned Law restructuring Lithuanian Privatization Agency established the SPF and other related to privatization and property management institutions. SPF holds in trust, uses, disposes and privatizes securities and other state-owned property transferred to it by the Government of the Republic of Lithuania.

There are several possible methods of privatization:

• public