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KYRGYZSTAN REVISES PRIVATIZATION DEAL

RIA Novosti

BISHKEK, April 1 (RIA Novosti, Larisa Sayenko) - Pinara, a 14-storey embattled hotel overlooking Bishkek, has switched ownership in a matter of an hour.

"I was among protesters outside the White House. The next day, I came to the dishonest owners accompanied by a police officer and a prosecutor and said they had to leave," new owner and former parliament member Ruslan Sarymsakov said.

The protracted legal dispute over the hotel, which had even been brought up for parliamentary debate and the president's consideration, was settled during a recent popular revolution.

"I saved the hotel from destruction by letting protesters in. Justice triumphed because the corrupt regime was toppled, and a new government that enjoys popular confidence came to power," said Sarymsakov.

Sarymsakov displayed the copies of judicial and parliamentary decisions in his favor, and the record of President Akayev's speech that he believes denied him the right to own the hotel.

The Turkish company that owned the hotel issued a statement on Thursday complaining about an "unauthorized seizure."

The same day, a Kyrgyz court arrested the shares of the republic's largest mobile operator, Betel, thereby satisfying the legal suit from a Kazakh firm, and attached its property. Betel's office was devastated by looters a few days earlier.

Like Ukraine after the "orange revolution," Kyrgyzstan rushed to revise corrupt privatization deals.

"Kyrgyzstan has embarked on revising privatization deals," said the local KABAR news agency.

Acting Kyrgyz President Kurmanbek Bakiyev said a special government commission would be set up to settle property-related disputes.

"There were two kinds of business in Kyrgyzstan, the one run by the Akayev family and the one run by those subordinate to him. Expropriating a well-promoted store, hotel or a gasoline station was a common thing. I believe what is happening now is only the start of property redistribution," said abusinessman.

Akayev has denied rumors that he owns enterprises in the republic. However, the president's property is believed to have been a main target of looters.

People are now denying connections to Akayev that used to open the door to the highest office.

Kyrgyzstan, whose only advantage in the eyes of foreign investors was stability and the International Monetary Fund's recognition, will hardly be able to regain that image soon, business people say.