The Ministry of Defense (MoD) is expected to come under severe attack this
week in the National Audit
Office (NAO)’s long-awaited report into the privatisation of defence
technology group QinetiQ,
which Treasury part-sold in 1990 to a US private equity company for an eighth of
‘The report will be highly critical of the whole process, in particular the
over-incentives given to senior civil servants to privatise part of QinetiQ,’ a
source with knowledge of the report told The Guardian.
Senior company executives walked away with millions when the company was
floated in 2006. Sir John Chisholm, chairman, paid £129,000 for a stake worth
£22m and Graham Love, chief executive, paid £108,000 for a stake worth £18m.
the US private-equity group MoD chose as a strategic partner to prepare QinetiQ
for sale, made £300m from an investment of £42m.
MoD developing unmanned fighter-bomber
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed