PPRuNe Forums - View Single Post - MOD spending funds on art
View Single Post
Old 2nd Jan 2008, 15:45
  #11 (permalink)  
Impiger
 
Join Date: May 2003
Location: Much-Binding-in-the-Marsh
Posts: 460
Likes: 0
Received 0 Likes on 0 Posts
Stuff - No; they wouldn't have been bought as an investment as the MOD isn't allowed to 'invest'.

Had a wonderful situation in Norway where we had struck a cracking deal to rent from a developer a quantity of MQs for 10 years. At the end of the agreed lease we had the right to buy at cost of build plus inflation. Well this was Stavanger and while inflation in Norway had been modest, locally house price inflation had been astronomical because of the oil boom, so the sensible thing to do was to exercise our right to buy and then flog them straight away on the open market. Sadly our financial wizards said this was not allowed under HMT rules as we would in effect be guilty of investing in a speculative venture! Doh.
Impiger is offline