Happens all over the world, including so-called developed and civilized states of the West. Governments sell state-owned companies to private buyers, and then the shining cash that enters the state coffers is quickly funneled out via preferential tenders, overpriced contracts, unneeded maintenance/repair activities, and so on. Great way these politicians have devised to fill their own pockets by convincing the public that they're doing some sort of "economic reforms" by privatizing government-owned companies. True objective is to fill up personal coffers by filling up state coffers by selling away public's property to private hands in the name of reforms. When companies remain in state hands, money comes to the government very slowly [in the form of annual taxes and share of profits, if any], but because each minister thinks that he has only 4-5 years to make money [while he's in power], he wants to quickly auction off state enterprises so that the state coffers can fill up very fast.