From the Worldwide Minerals thread:
To: +Klaas de Rooy (570 )
From: +Klaas de Rooy Friday, Aug 7 1998 11:00AM ET
Reply # of 573
Kazakhstan's top privatisation official dismissed
04:30 a.m. Aug 04, 1998 Eastern
ASTANA, Aug 4 (Reuters) - Kazakhstan's top privatisation official has been dismissed, a senior government source said on Tuesday, but the reasons for the removal of Maksutbek Rakhanov remained unclear.
''Maksutbek Rakhanov has been removed from his position,'' said the source, who asked not to be identified. ''It is so far unclear whether he will get a new (government) position. The explanation was that this was connected with his moving to a new job.''
Orazaly Yerzhanov was named in his place to head the finance ministry's privatisation and property department, while retaining his current position of deputy finance minister.
Government sources said Rakhonov's dismissal was unexpected, although
President Nursultan Nazarbayev regularly reshuffles his officials.
Privatisation revenues have fallen short of targets so far this year and the sale of state stakes in five or six key companies, including metal and oil enterprises, has run far behind schedule.
Government officials are worried that the impact of the Asian crisis on investor appetite for emerging market equity, combined with low world oil and metal prices, would devalue the stakes were they to be sold quickly.
Without the 45 billion tenge ($580 million) earmarked from privatisation revenues in 1998, the oil-rich Central Asian state will find it hard to make ends meet.
First Deputy Prime Minister Uraz Dzhandosov said in June that Kazakhstan
would raise the targeted 45 billion tenge despite the apparent difficulties.
Nazarbayev said in June that privatisation revenues were expected to fall to 42 billion tenge in 1999.
((Murat Buldekbayev, Almaty Newsroom +7 3272 509 +reuters.com))
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The Privatization Department of the Ministry of Finance was originally called the Committee for the Management of the State Property (or "GKI") and was responsible for the privatization efforts of the Government of Kazakhstan. In a March 1997 consolidation of the Government of Kazakhstan Administration GKI was merged into the Ministry of Finance. World Wide's Management Agreement, which was illegally cancelled in August 1997, was with GKI. What is interesting is that Yerzhanov, who takes over Rakhanov's duties, is also Deputy Minister of Finance - and is the chairman of the working group of GOK officials established in June 1998 to resolve the dispute with World Wide. It is understood that meetings are being held on a continuous basis.
Regards,
Klaas |
