Putin opposed to nationalizing companies privatized in auctions in 1990s

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MOSCOW. Nov 20 (Interfax) – President Vladimir Putin is opposed to the nationalization of companies sold at loans-for-shares auctions at the end of the last century.

At his meeting with representatives of nonparliamentary parties acting chairman of the Right Cause Vyacheslav Maratkanov invited owners of companies that were bought at such actions “with gross abuses” in the early 1990s “to increase tax payments and hand over part of the stakes to the state.”

In response Putin said: “We will immediately place the labor force working there, not the people who bought the property, at a disadvantage. They will be unable to channel more money to investment purposes, to the solution of tackling social tasks.” However, he remarked that “the idea could be considered but requires a very close, careful approach.”

“Are you proposing nationalization?” he asked Maratkanov.

“Voluntary,” was the answer.

“I can tell you what the result is going to be at once. It is possible to declare such a thing but I assure you that there will be no volunteers,” Putin said.

“If you are suggesting nationalization, we have a corresponding law but we will have to pay which means we will be paying these people twice: once we gave the property to them free of charge and now for the second time to get it back,” Putin said.

He said it was not clear how effective such an approach could be. “These all are things that worry part of the public and which we must think of but in the course of regular work,” he summed up.

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