Uzbekistan ends 'zero' price sales of state assets under new law

Uzbekistan has officially abolished the practice of selling state-owned property at a "zero" price, following the signing of a new law by President Shavkat Mirziyoyev aimed at improving the management of state assets.

The new legislation (Law No. ZRU-980, dated October 22, 2024) introduces amendments and additions to various legal frameworks governing state property. Key changes include reforms to the procedures for collateral, appraisal, and auction of state assets, as well as the removal of the "zero" price sale mechanism. Additionally, the law establishes stricter regulations on the sponsorship expenditures of state enterprises and introduces new guidelines for the securities market.

These reforms follow the earlier adoption of the Law on the Management of State Property, which sets out the rules for owning and managing state assets, including enterprises with government participation. The law also outlines requirements for management bodies, the maintenance of the state property registry, and the disclosure of relevant information.

The government hopes these changes will enhance transparency, improve the efficiency of state asset management, and better regulate the financial practices of state-owned enterprises.