ABSTRACT
Large-scale privatization was enforced by the Order on Privatization of State-owned and Municipal Property, and later on, the sale of large enterprises was regulated by the Law on Privatization. This chapter argues that there were in general no formal restrictions for the participation of Russians. It examines amount to a share of between approximately half and three-quarters of the total number of privatized enterprises in this privatization programme. The result of privatization was therefore that non-Estonians disappeared from the leading positions. The capital size is given as equal to the purchase price as listed on the specification by the Estonian Privatization Agency on 20 March 1995. Estonians were also in this field more dispersed and reported both small and large investment guarantees. Only in one case did non-Estonians promise to invest more than 5 million EEK. Thus the ‘typical’ non-Estonian manager represented a capital value of 1-5 million EEK and promised an investment of the same amount.
