The book of information on 225 companies that are on the list for Mass voucher privatisation would be published in a few days, said expert of Price Waterhouse Coopers, Milka Lukic. She said that the book would present detailed information on all owners of the capital of companies, particularly financial information on the balance and success on final annual reports in the last three years. In her interview for the agency Montena-business, she emphasized satisfaction with present course of educative and marketing campaign for mass voucher privatisation, adding that there was not reason for privatisation funds not to collect even the half of available vouchers from Montenegrin citizens. - Is it true that Price Waterhouse Coopers is responsible for MVP campaing? Lukic: Educational campaign in the MVP program is organized by authorised agency for public relations of the Council for privatisation, Public Relation Agency (PRA), which is the only professional public relations agency in Yugoslavia. This agency was chosen through an international competition among several agencies to work for the Council for privatisation. Activities on educational campaign in MVP program are realized in line with the Plan of public educational campaign, which was, at the proposal of the Council, passed by the Government before the operative implementation of MVP began. Barents, predecessor of Price Waterhouse Coopers made, together with PRA representatives, the Plan of public educational campaign and it was passed at the Council for privatisation last year. After the first phase of MVP and after presentation of the report on realization of MVP, the Council complimented the educational campaign, which has, by the opinion of its members, achieved more than it was planned, beside great problems in its financing. - Why have not detailed information on companies for MVP been presented so far (profits, losses, number of employees, technological surplus, names of all owners, vision of development of these companies, property…)? Lukic: Information on companies was prepared in two levels so it would be published in the same way. The blitz-list of information on companies contains the name of the company, register number, code and name of the basic business activity of the company. In the scope of that list the nominal value of the capital, total number of shares and part of the capital in insider hands or workers# capital has been stated. Beside this information, the capital intended for MVP was stated, number of employees, financial information on December 31, 2000, review of basic realties and obligations of the company, such as mortgages or fiduciaries. This list was published in newspapers during the last week, and it is permanently presented in front of or in offices of the General Clearing House. The list would be updated before the third MVP phase began, in case some important changes of the information on companies occur (change in owner structure, new estimation of the capital…) The book of information on companies would be published in a few days, it consists of 225 pages, one page for each company. The book would present all information from the blitz-list, with additional information on all owners of the capital of the company. It would also present financial information on companies from the balance of situation and success at final reports for the last three years (worth of assets and liabilities, obligations…), number of workers and average salary per worker. Unfortunately, the book would be published in 1,500 copies only, due to the lack of financial means. Some of the copies would be available in all companies to be privatised through MVP, in the General Clearing House, post offices, banks, municipalities and local community organizations. MVP program is project for 450,000 citizens, and their abilities to "read" this information are different. The choice of information on companies presented to citizens is the matter of specific level of economical valuation of the quality of information. Present situation of non-defined character of the financial system by which the balance is presented, information on income and losses are completely irrelevant, because they do not present real situation. As far as information on technological surplus of workers is concerned, my opinion is that in Montenegro there is no surplus of employees, but lack of work. Besides, these lists fluctuate, depending on what management structure made them. Who can present the vision of development of the company? If there was any clear vision of development, majority of the companies would be in far better business condition then they are now. What can be written on the names of all owners, when so far, in economy where only 5% was privatised, the owners are workers and funds - owners on behalf of the state. However, the book of information contains this information, too. As far as presentation of information on companies, and particularly financial obligations and credits, as well as obligations in mortgage or fiduciary, the purpose is to present the real image of the situation in the company such as it is, without any make-up. - Why did you let this information unpublished when citizens can make transferences with their vouchers, that is, when they can decide whether they would transfer them to the members of their families or privatisation funds? How could citizens decide on that when they did not know all necessary information on companies? Have the privatisation funds been intentionally aided in this way? Lukic: Transference of vouchers on members of the families has nothing to do with the dilemma whether to transfer the vouchers on privatisation fund or on a company. Motives of this transference are completely different, to make a gift of concentrate vouchers before transferring them to the fund or company. At the moment when information on companies was published, only 259 citizens transferred their vouchers on privatisation funds. These were the first symbolic voucher-points and they were mostly people with business connections with founders of the funds and members of their families. Therefore, there is no mentioning that citizens decided "blindly" without information, or that the funds were favoured. That can also be seen from reactions of privatisation funds, which protested because of publishing of information on companies at the beginning of their campaign of collecting vouchers. The information was published in the best possible moment, when licence for founding and managing of privatisation funds were received by all management companies. This is, most probably, the final number of privatisation funds, so it cannot be said that any of the funds was more or less endangered or favoured by publishing of this information. Basically, the interest of citizens - owners of the vouchers was respected. Publishing of the list of information on companies in this phase should give them the answer on dilemma whether to transfer the vouchers on privatisation fund or to wait for the third phase and replace them for the shares of the companies. In the third phase the citizens can be assisted to decide on concrete company. - How do you comment on the latest criticisms directed by privatisation fund Atlas Mont regarding the MVP campaign? Lukic: Management companies work by the business logic of all joint-stock companies. So, certain conflict of interest of owners, founders of these companies and their managers is completely normal. Initial investments are great, and first results are weak. That is why it is normal that the fear of failure is present and that is why they try to find the "guilty person" ahead. Some funds find the list of companies a problem, since they see it as competition, some find the variant with sales agents a problem, while the others think that it came too late. MVP project is a complex one, perhaps the greatest project that has ever been done in Montenegro. Acceptable legal, organizational and institutional framework for functioning of the project has been made, and so it has been made for the activities of the funds, but they have to "breathe" with their own lungs. We are witnessing the fact that marketing and educational campaign has just begun. That is why citizens are not able to recognize the identity of the funds, except their names, and what it is that makes one fund different from another. Marketing campaign of privatisation funds has so far not been of such intensity to explain the role of funds in MVP process. Certain procedures and rules for control of marketing campaigns of funds have been established. Although funds protest because of this control, it is clear that in a project as big as this one, the rules of the game must be obeyed otherwise we would have chaos. However, I am of the opinion that all this is the result of initial nervousness and that there is no reason why all privatisation funds would not be able to collect the necessary number of voucher-points until October 18, in order to replace them for the shares of companies in the third phase. Not only that, there is not reason that privatisation funds do not collect even the half of available vouchers from Montenegrin citizens, since citizens have been presented two equal options, transference of vouchers on funds and replacement on the shares of companies, and it is up to them to decide.