The Ukrainian Parliament has dismissed Rustem Umerov from his position as Chairman of the State Property Fund of Ukraine

Today, September 5th, the Verkhovna Rada of Ukraine removed Rustem Umerov from his role as Chairman of the State Property Fund of Ukraine. The resolution for his dismissal was approved by 302 MPs.

In his address to the Parliament, Rustem Umerov discussed the main achievements of his term as the Chairman of the SPFU.

Last year, the State Property Fund consolidated over 65% of all state assets in the country. More than 2,300 out of 3,600 enterprises in Ukraine were transferred to the SPFU's management. Rustem Umerov emphasized that "this is a precedent in the Ukrainian history".

The State Property Fund has started to work independently. Rustem Umerov emphasized the removal of political influence on the SPFU's operations.

About 400 entrepreneurs bought abandoned properties from the state last year. Most of them were administrative buildings, incomplete construction sites, inactive factories, warehouses, and garages.

"73% of them cost up to UAH 1 million. That is, it is a small business," he emphasized.

Over the year, the economic effect of privatization amounted to UAH 5.2 billion. All of this money is used to support the Defense Forces and improve our country's defense capabilities.

In addition to selling state assets, the State Property Fund has been actively working on creating innovative products, one of which is the Sovereign Fund.

"1% of state-owned strategic enterprises will be transferred to the Sovereign Fund. These assets should become leaders and drivers of the Ukrainian economy," Rustem Umerov emphasized.

Today, the Sovereign Fund Strategy, the Sovereign Fund Law, and the implementation plan are prepared.

The Land Bank is the second main product, which will lease state agricultural land via transparent online auctions on Prozorro.Sale.

"The announcement of the first auctions in January 2024 signifies a groundbreaking move that eliminates long-standing corruption practices involving state agricultural land," emphasized Rustem Umerov. "The initiative is set to generate several hundred thousand hectares of land and several billion dollars in revenue for the annual budget. The SPFU is currently in the process of completing all the necessary preparations."