View Full Version : QinetiQ sell off.
It seems there will be some flak from the NAO about the give aw.. sale of QinetiQ. I wouldn't trust any of that rank lot to budget pocket money, let alone make a mint off the back of a great British public asset (simply because Brown and his Treasury needed the readies, pronto). The whole bunch of them stink, from Brown downwards. They're not fit to clean the boots and arse of the youngest Tom currently in Iraq.
http://www.thebusiness.co.uk/news-and-analysis/366226/qinetiq-report-is-labours-a-financial-time-bomb.thtml?gclid=COeeq46_8Y8CFQdZHgodzVIfGg
Seldomfitforpurpose
22nd Nov 2007, 23:19
It's an accepted fact fact that civilian life slows one down :rolleyes:
Phoney Tony
23rd Nov 2007, 07:04
Some of the Board of QQ were part of the group that divided what went to QQ and what stayed in Dstl when they were civil servants working within MoD (One was a senior man within the EC).
I am sure that have covered their tracks well and everything is legal.........but ethically/ morally it stinks.
Let us not forget these were tax payers assets that were sold off, making for a few, massive amounts of money.
The incompetence and impotency continues.
green granite
23rd Nov 2007, 07:24
There is great screaming and shouting in Bedford at the moment because QQ are selling the old RAE Bedford wind tunnel site and moving all the staff to Farnborough. The Government GAVE all the land to QQ for free. Isn't that called asset stripping?
dervish
23rd Nov 2007, 07:54
"The Government GAVE all the land to QQ for free."
I understand that one of the reasons why the QQ float price was "artificially" high was because the balance sheet in the preceding year included pots of money made from selling just these assets. How this slipped through City types I don't know, but the share price is now, not surprisingly, lower than the float price, despite QQ's favoured status with MoD and the fact they are still awarded certain contracts when "competitors" have to compete. I agree, something stinks.
tucumseh
23rd Nov 2007, 07:59
An article from earlier this year about one of the QQ ex-CS millionaires.
http://news.independent.co.uk/business/analysis_and_features/article2169275.ece
"A motor racing enthusiast, Love makes the 45-minute trip from his Chelsea home in his TVR, one of four high-performance cars he owns. He uses the other three (all vintage Jaguars) for racing at weekends. "I probably race a dozen times a season, normally in the Jaguar XK150. But I also have an XKSS and a Mark7, which is a bit like racing in a coach. I enjoy it, but I was never good enough to be a professional."
How nice that he shares his passion with the recently resigned Lord Drayson.