COURT OVERRULED CASCADE’S PRIVATIZATION CLOSURE

Business | November 2, 2001, Friday // 00:00

“With two decisions from October 31, the Higher Administrative Court overruled the decision of the Privatization Agency to close the privatization procedure for “Sandanska Bistritsa” cascade,” the Chairman of the Board of Directors of the Czech Hydro Energy Company Energo-PRO announced. Fourteen days, upon receiving of the decision, the Privatization Agency should decide whether it will repeal the decision. Energo-PRO, the biggest hydro energy private company won the auction for the cascade in November 2000. In December, the contract was endorsed. However, after three months long silence, the Privatization Agency sent a letter to the exclusive buyer that it will not sign the contract. It also published in the State Gazette its decision to close the privatization procedure. Immediately after the announcement for the closure of the privatization procedure, Energo-PRO filed a complaint in the Higher Administrative Court.

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