Liberal Democrats in Business

News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum

QinetiQ Sell-Off Must be Properly Scrutinised - Moore

12.00.00am GMT Thu 12th Jan 2006

Responding to the announcement of the flotation of the defence group QinetiQ, Liberal Democrat Shadow Defence Secretary, Michael Moore MP, said: "This announcement is not unexpected, but it is devoid of meaningful detail, despite widespread public concerns.

"There are legitimate issues to raise about value for money for the taxpayer, the role of Carlyle Group, national security and possible future conflicts of interest.

"Parliament needs answers and the National Audit Office should now scrutinise the proposals very carefully.

"We need to know more about the astounding return on the investment likely to be made by Carlyle at a time when we also need to understand more about the company's UK tax status. While there is to be a 'golden share' to protect national security we have no information about possible foreign stakes in the company. And there is precious little information on how existing and future contracts will be regulated to avoid conflicts of interest."

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