Latest update April 25th, 2024 12:59 AM
Nov 11, 2008 News
Government has lodged a protest over the way in which the sale of the shares in Le Meridien took place. This is according to Head of the Presidential Secretariat, Dr. Roger Luncheon, who, at his post Cabinet media briefing on Friday, noted that at the level of the NIS Board, there are still ongoing bilateral engagements with the major shareholders to arrive at some understanding of what should be the next step forward.
“But we will be probably better informed after the management sub-committee meeting, which is slated to take place next Friday,” Dr. Luncheon said. In September, Dr. Luncheon had told members of the media that the Government had received information that Le Meridien had already been sold.
He had noted that the Administration was reliably informed that the down- payment on the hotel had already been made and that the sales agreement is currently being enforced.
Dr. Luncheon had stated that the Government was worried, since it was not a party to the negotiating process of the deal, despite the fact that the Administration has a 4% share in the hotel.
“We don’t know what is the nature of the deal… is it a sellout… did they trade the shares? We don’t know… we have no clue. Because we were kept out… not by omission…. We were deliberately kept out of this engagement,” Luncheon had noted.
He said that the Government has resorted to making its dismay and disapproval of the method known to the local representatives and to the majority shareholders.
The Administration now anticipates that, flowing from its registered opposition to the deal, it would be more informed about the engagement and be in a much better position to defend and protect its minority shareholder’s status and holdings.
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