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Embezzlement, lax management key to losses by state enterprises

PM Phankham said civil-servant-like officials who previously headed up state enterprises could no longer do whatever they wanted as was the case before the joint ventures were formed.

Under the reform programme, the government has also sold a 51 per cent stake in the Lao State Postal Enterprise, according to the Finance Ministry.

Meanwhile, sale of a 49 per cent stake in the Lao Logistics State Enterprise and MSIG Insurance (Lao) Co Ltd is currently being processed.

Given its significant importance, the government will retain full ownership of Electricite du Laos, but comprehensive reform will be undertaken.

The government will retain at least a 51 per cent stake in Lao Airlines, the Agro-industrial Development Company, Lao Export-Import Trading Company, and the Lao State Fuel Enterprise. EDL-Generation Public Company will remain a public company, but comprehensive reform will be carried out, according to the Finance Ministry.

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