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Rennie denounces "scandalous" sale of defence company
June 29, 2006 2:55 PM
Pressure mounted on the Government this week after it was revealed that nearly half of the sum it received for its sale of a stake in defence company, Qinetiq, which has a base in Rosyth, was handed on to lawyers, bankers, accountants and consultants.
Local MP and Liberal Democrat Defence Spokesperson, Willie Rennie, has previously criticised the sale. He said:
"It is ridiculous that the paltry sum the Government accepted for the sale of this defence company was cut in half by administration fees.
"The Government sold its stake in Qinetiq for just £42 million, then the Carlyle Group floated the same stake on the stockmarket for £400 million. It is clear that the Government did not get value-for-money. In effect, that means they frittered away taxpayers' money.
"Now we find that they not only sold their stake for a ridiculously low price, but they gave away half of the proceeds. This is a scandal and I will be pressing the Government to explain themselves."
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