UNIAN
Ukraine’s Ministry of Economic Development and Trade expects to hold by the end of this year an international audit of the largest state-owned companies that are of strategic importance to the country’s economy, Minister of Economic Development and Trade Aivaras Abromavicius said on Tuesday.
"We want to start the process. According to preliminary plans, around 47 of the largest companies will be subject to international audit," the minister said, adding that the audit should be carried out by 'Big Four' companies or other international companies with the necessary experience and reputation.
As UNIAN reported earlier, the top 100 state-owned enterprises, which account for 90% of the public sector, accumulated losses of UAH 80 billion in the first nine months of 2014, Abromavicius said at an international conference in support of Ukraine held on April 28.
Abromavicius believes that those enterprises by their size and quality of assets would have been expected to generate big profits.
The minister also noted that over the first nine months of 2014 the top state-owned enterprises paid only UAH 500 million in dividends to the state budget, which is equivalent to an interest rate of less than 2%.
The minister said these state assets are greatly undervalued, but following the audit and corporatization they are expected to become extremely attractive to foreign investors.