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Jahnatek: State Shouldn't Manage NCHZ for Long

Bratislava, December 2 (TASR) - Economy Minister Lubomir Jahnatek said on Wednesday that the state should not manage the chemical-maker Novacke Chemicke Zavody (NCHZ), now undergoing bankruptcy, long-term.

He said that the company should be restructured so it can "stand on its own", and then be sold via a public tender.

The Government at its meeting approved Jahnatek's proposal to include NCHZ into the group of strategic companies. The Economy Ministry reasoned that NCHZ is important for the proper running of the Slovak economy and that it has more than 500 employees, making it legally a strategic enterprise that can, after the bankruptcy process is finished, be taken over by the state.

The ministry's report said that this will probably have a negative impact on the state budget, even though it is not able to estimate the money that wil be generated from the public tender to sell the company, which owes a fine of some €20 million to the European Commission due to its involvement in a price-setting cartel. The ministry added that these proceedings won't positively influence the creation of new jobs, but will secure present employment in the local area.

Concerns regarding employment were among the reasons why Jahnatek submitted the proposal. NCHZ has over 1,700 employees, while another 5,000 jobs in the supply chain rely on the company being operational.

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