Why is state suddenly skeptical regarding the capital market, instead of advancing its further development? Why are we advised to pay attention to the fact that some stockbrokers are fishing in troubled waters, do not carry out shareholders demands, and do not permit them to join their shares with the state and get richer.

The prospect of selling shares outside the capital market, trough Share Fund or Agency, is an exception requiring a firm enforcement in the law, if such should be given in the first place. This exception facilitates dodging the share market, the only one qualified to estimate value of the shares. “Knjaz” shares have not yet been on the market, whereas offers made so far represent the sole value of the shares, still unverified on the market. The possibility to sell shares outside the market at the auction turned out to be, as the case of “Jugoremedija” clearly shows, a disaster, and the Government could use this example as a ground to motion for striking out this exception from the law, and sustain from its use in the meantime. If it is reliable and ready to accept its full accountability in the case of “Jugoremedija”.

Nevertheless, the authorities grew fond of this rule. It encourages chances of negotiation under a counter, far from the capital market, and away from public.

Stockbrokers, it is true, are engaged in shady business, but on a small scale. Great masters of robbery of everything that is worth in Serbia hope for defeat of the procedure of share collection on the market, so that the state could collect the majority share package and enter the negotiations with the potential buyers – on the basis of open market (negotiators). For instance, it is a secret that a company has incurred debts in this year – allegedly a successful company, taking short – term loans each month in the amount of two million euros, mostly from “Delta Bank”. We do not know if the bidders are familiar with this. Next, social and investment programs are extremely unrealistic – asking the investor to invest 72 million euros in development, much more than the value of the company! A serious investor has to say no to this, as well as to the social program, and once he learns about the debts – he will definitely quit. Than the major creditor appears asking where his money went. The conversion is next. Instead of the strategic partners as, for instance,

“Danone” and actual entry of the foreign capital in the country, the company will be sold cheaply, on account of the alleged debts. Already seen in thousands of privatization procedures in our country. That is how the sugar plants went, department stores, “Pekabeta”, “Sever”, and “Jugoremedija”. In the end, small shareholders will be cut off. They will no longer be small shareholders, but workers without shares and out of work.

At the same time, the Government woks on the national plan to prevent poverty, unemployment and corruption in a hurry. If, moreover, you are left without shares, on account of incurred debts of the company during the privatization procedure, do not worry, you are bound to be in at least one government program.

Ms Verica Barac,
President of the Council