157 PRIVATIZATION AND PROJECT FINANCE IN RUSSIA AND POLAND AND THE PROBLEMS OF VALUATION (PART I)* Duncan Miller** Lecturer in Law, University of Buckingham, UK This article is concerned with valuation-based problems that foreign inves- tors and project financiers encounter when operating in Poland and Russia. The legal and regulatory frameworks in those countries have largely been modelled on the guidelines and laws that have been developed by the western capitalist economic systems, though in being applied to Poland and Russia, the systems are expected to function in the absence of a complimentary sophisticated local capitalist market. This approach to regulation has led to significant difficulties caused in part by the fact that the both sets of laws are predicated on the ability of the underlying economic structure to identify capital, asset, and strategic values in order to trigger the transformation procedures. Unfortunately, the respective laws of both Poland and Russia provide little assistance to either the investor or the domestic partner target in this respect. The foreign partner in standard western financing also requires legal, executive, and administrative systems which are geared to protecting and maintaining the value of their local equities or monetary liabilities. Unfortunately, the
Review of Central and East European Law – Brill
Published: Jan 1, 1994
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