qinetiq rewards mount with rise in dividend
Guardian Unlimited, There was further controversy yesterday at qinetiq, where directors made more than £100m out of its flotation last year, after they further rewarded ...As far as we are concerned, we are doing the job, which is delivering value for shareholders," said Love, who admitted that the axe would fall on 400 of the 8,000 staff employed around Britain..........The job cuts inside a company that employs 13,500 worldwide will increase the frustration of those former civil service staff who witnessed a small handful of the top management make vast sums of money out of the privatisation of the Defence Evaluation and Research Agency.
QinetiQ, which still employs the vast bulk of its staff in Britain at 38 different locations including Bristol, Plymouth and Rosyth in Scotland, is poised to help other parts of government in a cost-cutting drive.????
The company is the preferred bidder on the first part of the MoD's Defence Training Rationalisation programme which could be worth £16bn over the next 30 years. The winner of the contract will be expected to reduce the current size of the training facilities from 30 sites to 10. ..(Defence Training Rationalisation means privatising military training at St Athan and working with arms dealers Raytheon..in the Metrix consortium)
UK MoD reconsidering award of second training contract to QinetiQ-led consortium
Ten senior managers pocketed millions from privatisation of ...
Ten senior managers pocketed millions from the privatisation of defence technology business QinetiQ – leaving the public purse short changed, it has emerged. A.
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.......The other major beneficiary of the privatisation had been the private equity firm Carlyle Group, which had seen the rate of return on its investment increase by 112%.
The Public and Commercial Services Union (PCS) were shocked by the report's findings.
Mark Serwotka, PCS general secretary, said: "It is scandalous that a small number of senior managers and private companies should be making so much money out of an organisation that was built by public servants with public money. It is unacceptable that returns of 20,000% can be made at the expense of the taxpayer."
The MoD said it will respond in full to the NAO report "in due course", and welcomes the Public Accounts Committee decision to take evidence on this report.
qinetiq to cut 400 despite profit jump
Times Online -
qinetiq, the defence research business in which the chairman and chief executive made more than £35 million on the flotation of the business, will eliminate ...
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