Stupid government, not only selling off the family silver, but selling off the family silver for bugger all!
Here’s a letter I’ve just faxed to my MP (using FaxYourMP.com – which is very very easy to use and FREE!)
Why not send it – or a similar one – to your MP? 😉
Dear [MY MP],
I wonder if you can help me – I’ve been very concerned to read about the privatisation of ‘defence research’ group QinetiQ, which was recently floated on the stock exchange.
I note that the Carlyle Group (which bought the company) paid just £42 million for a third of QinetiQ and management control in the privatisation deal – a deal that cost the taxpayer double that amount in legal and advisory fees. How can this be justified?
Carlyle also managed to avoid any responsibility for expensive environmental liabilities, and immediately started selling off thousands of acres of former military training grounds, target sites, tank lands and air strips for housing, the sale of which has already netted them a cool £227 million.
Can you tell me how it was then that the government was so lax as to sell QinetiQ for such a paltry amount?
But it seems to get worse – QinetiQ’s chairman, Sir John Chisholm, has a potential windfall of £25m and chief executive Graham Love stands to make £22m from shares they awarded themselves, thus making a tidy £42 million profit, at the taxpayer’s expense.
Can you tell me how and why were they allowed to get away with such a blatant rip-off of public funds?
To add to this (and I’m sorry to go on, but this issue is really bugging me) there are the consultants, advisers and other service providers, who between them had also made more than £100m by the time the flotation was completed.
So it seems to me that all the sale of QinetiQ has done is make a VERY small number of individuals and institutions VERY rich VERY quickly at the expense of myself and other taxpayers.
Finally, given the government’s obsession with “terrorists” and “security”, I note that QinetiQ itself has warned that it may not be able to “deter misappropriation of its confidential information”. So it would seem we are not only out of pocket but also more vulnerable to attacks from the products of our own defence research.
Can you possibly confirm that this is the case, or is there some extremely well-hidden benefit to the sale that everyone outside the government is unaware of?