Updated at 11:30,08-12-2016

Shareholders began to resist, expert says

On Wednesday it was announced that during the extraordinary common meeting of Luch factory the majority of the owners came out against the additional emission of shares.

Thus, shareholders are trying to resist the will of President Alyaksandr Lukashenko, who has already announced his intention to take the company under the state control.

Some experts believe that with the nationalization of Kamunarka and Spartak confectioneries, and with the attempts to capture Luch in Belarus "the nomenklatura-like" privatization has started.

What is going on in reality? Leanid Zlotnikov answers this question in the interview with UDF.BY.

- Before, (I would say - re-nationalization) our privatization has been held in a quite way. In recent times, the process of the re-nationalization is scandalous - they have started to resist.

When the company can go bankrupt, and experience serious difficulties, then the state issues additional shares, while increasing its share in the stake holding package. That was the case for many years in a row.

The president stated his position very clearly and long time ago: the state should control the economy as much as it has the strength. So, in this case, the policy is determined by the president and his inner circle, the nomenklatura is under control, although tries to divide smaller property. In this case, the dominant role is played by ideology and political reasons - to keep large enterprises under the state control. To keep the model in the spirit of the majority of the population, and thereby to strengthen their political power.

That is how they did with Pinskdrev, with confecionaries Spartak and Kamunarka.