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BAD BUSINESS

  • 2003-12-04
Lithuania's system of privatization is a disaster. Time and time again the State Property Fund, abetted by the nation's leadership, has botched major sell-offs. The latest instance surrounding Rytu Skirstomieji Tinklai, the company that supplies electricity to the eastern half of the country, is particularly egregious, but it has been largely overlooked due to the political tumult that has overtaken the country.Eesti Energia, Estonia's state-owned utility, won the tender for 92 percent of the company, offering 142 million euros - or a 20 million euro premium over the asking price. Lithuania...
 
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