UK taxpayers could have gained "more money" from the privatisation of defence research firm Qinetiq, the National Audit Office (NAO) has said.
While saying taxpayers could have gained "tens of millions" more, the NAO also condemned an incentive scheme that netted fortunes for Qinetiq's bosses.
SourceOf course it was an outrageous farce – what more would you expect from this government…
Of course the government wasted millions of taxpayer’s money…
Of course a private equity company pocketed millions…
Of course the senior managers earned millions from the ‘incentive’ scheme…
But the thing that really pisses me off is that Carlyle was the only bidder in the ‘auction’ – completely outrageous.
My company used to sell to the MoD and Qinetiq – one of the most annoying features of the process is that they required you to go to ‘tender’ so they could collect three alterative quotations to choose from, even if your product or service was unique.
Yet sell off the family jewels to a single bidder in a depressed market and lose millions for the taxpayer and
The government defended the sale and said it was excellent value for money.
Wankers!
