The union representing Royal Mail staff has demanded the Business Secretary quits amid revelations by Sky News over the privatisation.
Shortly after City Editor Mark Kleinman learned that Wall Street bank JPMorgan told the Treasury the Royal Mail could be worth nearly £10bn ahead of the flotation, the Communication Workers' Union (CWU) called for Vince Cable to go.
Billy Hayes, the CWU general secretary, said: "On the opening day of the flotation Vince Cable wrote off the undervaluation as froth.
"A week later, we were told it was the fault of the CWU.
"We now have a prima facie case of a conspiracy against the UK taxpayer who were opposed to the sale and have now been robbed of billions.
"In any other walk of life this would be a sacking offence and we call on Vince Cable to resign.
"A full inquiry should be launched into the mishandling of this unnecessary privatisation by Vince Cable.
"We would also like the matter to be referred to the Public Accounts Committee to scrutinise how badly the taxpayer has been left out of pocket."
Kleinman reported that corporate financiers from JPMorgan presented a spectrum for Royal Mail's value ranging from £7.75bn to £9.95bn - the top end of which was more than two-and-a-half times the price at which ministers ultimately sold shares in the company.
The Government sold shares in Royal Mail for 330p each earlier this month, valuing the company's equity at £3.3bn, but that soon rose by more than 50% in the early days of trading.
Including its roughly £800m of net debt, the privatisation effectively attributed an enterprise value to the company of £4.1bn, above the average valuation of £3.6bn ascribed to it by the nearly two dozen firms which pitched to advise on the sell-off.
Sky News obtained a letter sent by Mr Cable last Friday to the Business, Innovation and Skills (BIS) Select Committee, in which he dismissed concerns that the sale of the postal operator was spectacularly mispriced.
"Value for money has been central to our strategy as we have taken forward the sale of shares through an initial public offering," he wrote.
"Delivering value for money is about more than just the level of proceeds received on day one.
"Our long-term strategy to safeguard the universal service and deliver value for money for the taxpayer involves not only getting good value for the initial stake sold but also getting good value for the residual stake held by Government (30% of the Company assuming exercising in full the Over-allotment Option), and leaving Royal Mail in a strong, sustainable position capable of accessing the capital markets in the future."
A week ago the union confirmed the first national postal strike in almost four years would be held on November 4 over issues linked to the privatisation.
A 24-hour stoppage is being planned for that date unless the CWU secures a deal with Royal Mail bosses on pay and pensions.
The union ballot of around 115,000 of its members at Royal Mail and Parcelforce returned a 4-1 decision on a 63% turnout in favour of industrial action.
More follows...
Anda sedang membaca artikel tentang
Royal Mail Sale: Union Demands Cable Quits
Dengan url
http://terjunbebasopan.blogspot.com/2013/10/royal-mail-sale-union-demands-cable.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Royal Mail Sale: Union Demands Cable Quits
namun jangan lupa untuk meletakkan link
Royal Mail Sale: Union Demands Cable Quits
sebagai sumbernya
0 komentar:
Posting Komentar