‘Appraisal’ law amended in Turkmenistan

Turkmenistan, Ashgabat, April 16 / Trend H. Hasanov / Turkmen President Gurbanguly Berdimuhamedov has approved changes and amendments to the Turkmen law on 'Appraisal activity', an official Turkmen source said. According to the new interpretation, the entities of the appraisal activity are Turkmen appraisers, legal bodies regardless of any organisational statutory form, carrying out assessment activity, hereafter to be called executors of assessment, customers. The assessment of the object is required whilst: 1) determining the value of the property assessment, wholly state-owned or partially, to privatise it (except for the privatisation of residential houses and apartments), and in cases envisaged by Turkmen legislation to transfer to the trust management or concession. 2) selling or other alienation of state owned objects under assessment, except for the barter of state property to the private property; 3) introduction of the object under assessment as a non-monetary contribution to the authorised capital (fund) of a legal entity; 4) negotiation of debt associated with the state owned object assessment; 5) a dispute regarding the definition of the object's estimated cost in case of one of the parties' appeal; 6) redemption or other compensated seizure of the object's estimate from the owners for public use in cases stipulated by the Turkmen legislation; 7) other cases stipulated by Turkmen legislation. Do you have any feedback? Contact our journalist at agency@trend.az