No. 336-XIV, as of April 1, 1999
As to improve the financial state of the electricity sector enterprises, prepare thereof for privatization, and in execution of the Law on Individual Privatization Plan of Electricity Sector Enterprises No. 233-XIV, as of December 23, 1998
As to improve the financial state of the electricity sector enterprises, prepare thereof for privatization, and in execution of the Law on Individual Privatization Plan of Electricity Sector Enterprises No. 233-XIV, as of December 23, 1998
the Parliament adopts this organic Law.
Article 1. - To privatize the electricity sector enterprises: Joint-Stock Companies "CHP 1" Chisinau municipality; "CHP 2" Chisinau municipality; "CHP Nord" Balti municipality; "Electricity Distribution Networks" Chisinau municipality; "Electricity Distribution Networks - Center" Town of Vatra, Chisinau municipality; "Electricity Distribution Networks - North" Balti municipality; "Electricity Distribution Networks - North-West" Town of Donduseni; "Electricity Distribution Networks - South" Comrat municipality without payables or receivables aging more than 60 days as of the date of signing contracts on sale and purchase of their control stocks; as well as without receivables of budgetary institutions for consumed electric and thermal energy; of the state budget and social insurance budget for monthly targeted indemnities to vulnerable strata of population in connection with the electricity tariff increase; of administrative and territorial units’ budgets to subsidize the electricity price difference to some categories of the population eligible to privileges - regardless of the time of creation, except for the arrears to be received from the population for the consumed electricity and accounts payable of the to-be privatized enterprises on salaries and contributions to the state social insurance budget.
Article 2. - To write-off as of January 1, 1999:
1) business entities’ arrears of taxes, penalties and fines imposed for failure to make tax payments, to the state and local budgets, as well as of loans borrowed from the Ministry of Finance (principal, interest and penalty fee), on account of which the goods were shipped to the Russian Federation to repay the debt of the Republic of Moldova to the Russian Joint Stock Company "Gazprom" for consumed Russian natural gas (pursuant to the Annex that is an integral part of this Law);
2) arrears of budgetary institutions for consumed natural and liquefied (condensed) gas, electric and thermal energy, as well as of the state social insurance budget for monthly indemnities to vulnerable population due to growth of tariffs for electricity and natural gas and local budgets to compensate the electricity price difference to some categories of the population eligible to privileges;
3) arrears of Joint Stock Companies "Electricity Distribution Networks" Chisinau municipality; "Electricity Distribution Networks - Center"; "Electricity Distribution Networks - North"; "Electricity Distribution Networks - North-West"; "Electricity Distribution Networks - South" to State Enterprise "Moldtranselectro" for supplied electric power equivalent of 140 million US Dollars in Moldovan Lei at the official exchange rate established by the National Bank of Moldova on the date of transfer of state bonds to the Russian Joint-Stock Company "Gazprom" (As amended by Law No. 693-XIV of November 25, 1999);
4) debt of the State Enterprise "Moldtranselectro" in taxes, penalty fees and fines imposed for failure to make tax payments, to the state and local budgets within the limits of the debt excess written off in compliance with Item 2 over the debt written off in conformity with Item 1) of this Article (As amended by Law No. 693-XIV of November 25, 1999).
Article 3. - To freeze till signing of contract of sale and purchase of controlling share holding of electricity sector enterprises the creditor indebtedness as of January 1, 1999 reduced as a result of actions provided by Article 2 of:
1) Joint Stock Companies "CHP 1", "CHP 2", "CHP Nord", State Enterprise "Moldtranslecetro" - to Moldovan-Russian Public Joint Stock Company "Moldova-Gaz" for consumed natural gas (As amended by Law No. 693-XIV of November 25, 1999).
2) Joint Stock Companies "CHP 1", "CHP 2", "CHP Nord", "Electricity Distribution Networks" Chisinau municipality; "Electricity Distribution Networks - Center"; "Electricity Distribution Networks - North"; "Electricity Distribution Networks - North-West"; "Electricity Distribution Networks - South" - to the State Enterprise "Moldtranselectro" for supplied natural gas and electric energy;
3) to the State Enterprise "Moldtranselectro" on taxes, penalty fees and fines imposed for failure to make tax payments, - to the state budget, likewise for loans borrowed from the Ministry of Finance (principal, interest and penalty fees) within the difference that formed as a result of freezing of debtor's and creditor's indebtedness in conformity with Items 1) and 20 of this Article;
4) Joint Stock Companies "CHP 1", "CHP 2", "CHP Nord", "Electricity Distribution Networks" Chisinau municipality; "Electricity Distribution Networks - Center"; "Electricity Distribution Networks - North"; "Electricity Distribution Networks - North-West"; "Electricity Distribution Networks - South" on taxes, penalty fees and fines imposed for failure to make tax payments, - to the state and local budgets.
Article 4. - To write off within the amount equivalent to 90 million US Dollars in Moldovan Lei at the official exchange rate established by the National Bank of Moldova on the date of transfer to the Russian Joint-Stock Company "Gazprom" of bills and sale proceeds of controlling share holdings of electricity sector enterprises, except for the amounts appropriated to recovery of funds withdrawn from the budget revenues due to redemption of bills 140 million USD worth (As amended by Laws No. 693-XIV of November 25, 1999; No. 890-XIV of March 23, 2000):
1) arrears of electricity sector enterprises frozen in accordance with item 3, within one- month term after signing contracts of purchase and sale of the state’s shareholdings in the energy sectro enterprises;
[sub-item а) amended by Government Decision No. 1075 as of 05.10.2001]
arrears of electricity sector enterprises frozen in accordance with Article 3;
2) arrears of budgetary institutions for consumed natural and condensed gas, electric and thermal energy, of the state budget for monthly indemnities to vulnerable layers of population due to growth of tariffs for electricity and natural gas and local budgets to compensate the price difference for natural and condensed gas and electricity to some categories of the population eligible to privileges, that was accumulated during the period from January 1, 1999 till the date of signing sale and purchase contracts of controlling share holding of the mentioned enterprises.
3) debts of budgets of administrative and territorial units to enterprises of Moldovan-Russian Open Joint Stock Company "Moldova-Gaz", which are located within the zone of activity of privatized joint-stock companies "Distribution Networks", Chisinau municipality, "Distribution Networks Centru", and "Distribution Networks Sud", on compensation of difference in price of natural and liquefied gas, delivered by these enterprises to certain categories of population eligible for indemnities, for the timeframe of February 7 – June 30, 2000.
4) debts of budgets of administrative and territorial units to enterprises of Moldovan-Russian Open Joint Stock Company "Moldova-Gaz" on compensation of difference in price of natural and liquefied gas, delivered by these enterprises to certain categories of population eligible for indemnities, which made up 652,777 ths. Lei, as on January 1, 1999, and were not paid off within the debt limit, written off in compliance with item 1) article 2.
[Item 4 introduced by Law No. 1375-XV as of 10.10.2002]
[Article 4 amended and supplemented by Law No. 401-XV as of 26.07.2001]
[Article 4 amended by Law No. 890-XIV as of 23.03.2000]
5) of Moldovan-Russian Open Joint Stock Company "Moldova-Gaz" to the Ministry of Finance, accrued as result of the state’s assumption of debts of this joint-stock company to the Russian Joint-Stock Company "Gazprom" to the amount of 12909,6 ths. Lei, with simultaneous wiping out of debts to Moldovan-Russian Open Joint Stock Company "Moldova-Gaz" of Joint Stock Company "Retelele Termice Cahul" - to the amount of 887.9 ths. Lei, Comrat municipal enterprise of thermal networks and boiler-houses – to the amount of 1326.3 ths. Lei, Joint Stock Company "Retelele Termice Edinet" - to the amount of 8468.4 ths. Lei, and municipal enterprise "Retelele Termice din Ceadir-Lunga" – to the amount of 2227.0 ths. Lei.
Article 5. To restructure the debt of business entities to the electricity sector enterprises undergoing privatization more then 60 days overdue as of the date of signing sale and purchase contracts for controlling share holding of such enterprises into the debt of business entities to the State Enterprise "Moldtranselectro".
Article 6. - The Government shall:
1) act as successor:
a) in the person of the Ministry of Finance - of accounts payable (credit indebtedness) of Moldovan-Russian Public Joint Stock Company "Moldova-Gaz" for consumed natural gas supplied from Russia in 1994-1997, paid off by transfer to the Russian Joint Stock Company "Gazprom" of state bonds and bills for the amount of 230 million US Dollars (As amended by Laws No. 693-XIV of November 25, 1999; No. 890-XIV of March 23, 2000);
b) in the person of the State Enterprise "Moldtranselectro" - of credit indebtedness of the electricity sector enterprises undergoing privatization more then 60 days overdue as of the date of signing sale and purchase contracts for controlling share holding, except for arrears of wages, contributions (payments) to the state social insurance fund and the debt written off pursuant to Article 4, paragraph 1);
2) settle the debt to the Russian Joint Stock Company "Gazprom" specified in paragraph 1), sub-paragraph a) of this Article on account of the funds received as proceeds from privatization of the electricity sector enterprises in a lumpsum amount with the discount that corresponds to the situation on the market or by tranches in accordance with the repayment schedule defined by the Agreement between the RM Government and the Russian Joint Stock Company "Gazprom" on Principles of RM Debt Settlement for Russian Natural Gas Supplies in 1994-1997 (As amended by Law No. 693-XIV of November 25, 1999);
3) within one month from the date of transfer of debit and credit indebtedness to the State Enterprise "Moldtranslectro" under Article 5 and paragraph 1), sub-paragraph b) of this Article make proposals on the sources to finance the amount in excess of this credit indebtedness over debt receivables;
4) make together with Joint Stock Companies "CHP 1", "CHP 2", "CHP Nord", "Electricity Distribution Networks" Chisinau municipality; "Electricity Distribution Networks - Center"; "Electricity Distribution Networks - North"; "Electricity Distribution Networks - North-West"; "Electricity Distribution Networks - South", "RAPDET", "Termocom", Republican Production Association "Termocomenergo", State Enterprise "Moldtranslectro" and Moldovan-Russian Joint Stock Company "Moldova-Gaz" mutual settlement (offsets) within the debt amounts written off in compliance with Articles 2 and 4. The results of operations (transactions) shall not be reflected in the budget performance report (As amended by Law No. 693-XIV of November 25, 1999);
5) within one month from completing privatization of electricity sector enterprises present the report on debt restructuring results to the Parliament;
6) make proposals to adjust the Law on Budget '99 in pursuance with this Law.
Article 7. - In case the electricity sector enterprises' privatization is bogged down, as well as RM bills 90 million USD worth are issued and handed over to the Russian Joint Stock Company "Gazprom" and the terms of Memorandum Agreements are abused by the electricity sector enterprises, the latter shall reimburse (refund) the Moldovan-Russian Joint Stock Company "Moldova-Gaz" the amounts frozen as of January 1, 1999 and shall cover financial losses at the time of validity of Memorandum Agreements due to the change in the Moldovan Lei : USD exchange rate (As amended by Laws No. 693-XIV of November 25, 1999; No. 890-XIV of March 23, 2000).
Ст. 8. – Income gained by Moldovan-Russian Open Joint-Stock Company "Moldova-Gaz" as result of wiping out debts to the Russian Joint-Stock Company "Gazprom" in Moldovan Lei, equivalent to 90 million USD at the official exchange rate, set by the National Bank of Moldova on the date of transfer of promissory notes to the Russian Joint-Stock Company "Gazprom", except for amounts that were used for wiping out of debts in compliance with Article 4 of this Law, shall not be taken into consideration when calculating the taxable income for the submission by Moldovan-Russian Open Joint-Stock Company "Moldova-Gaz" income tax declaration of the person, engaged in entrepreneurial activity in the year, when this income was gained, and shall be used to cover uncovered losses during previous years.
[art. 8 introduced by Law No. 1369-XIV as of 10.11.2000]
CHAIRMAN OF THE PARLIAMENT Dumitru DIACOV
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