Monday, May 14, 2007

State Property Committee

The State Property Committee (SPC) is the government agency responsible for the administration of the privatization process in Mongolia and management of state-owned property. The SPC's mission is to accelerate the privatization process and increase private section participation in the economy, thereby improving economic efficiency, generating economic growth, and enhancing the welfare of the people.

In compliance with the State and Local Property Law, the State Property Committee manages and conducts the privatization of objects included in the list of enterprises and immovable assets to be privatized. The SPC, together with the relevant state central administrative authority, determines the necessity of restructuring enterprises and organizations and implements the government’s decision to operate enterprises and organizations through management, performance, and lease contracts. The SPC monitors the process and reports the results to the government.

The agency conducts a public awareness campaign to provide necessary information to participants in the privatization process, shareholders, and other interested parties and to help facilitate informed decisions. It provides assistance to the government on various issues including promotion of the privatization process, determination of the market value of enterprises to be privatized, development of tender rules and documents, evaluation of proposals and selection of investors, and negotiation with winners. It also organizes various activities using mass media and modern information technology to disseminate information about privatization to the public.

Barents Group of KPMG Consulting, Inc. serves as an advisor to the SPC in the privatization of the most valuable companies under a contract signed between the United States Agency for International Development and the Mongolian government.

More detailed information regarding privatization process in Mongolia can be accessed through its website .