Anti-Corruption Council: Investors were misled
The Serbian government misled its citizens and investors when it said 51 percent of shares in Telekom Serbia will not be sold for less than EUR 1.4bn.
Monday, 28.03.2011.
16:29
The Serbian government misled its citizens and investors when it said 51 percent of shares in Telekom Serbia will not be sold for less than EUR 1.4bn. This is because the figure was not included as a qualifying condition in the public tender for the sale of Telekom, the Anti-Corruption Council warned on Monday. Anti-Corruption Council: Investors were misled The call for participation in the tender does not list a minimum bid of EUR 1.4 billion as a qualifying condition, "which means the tender can be conducted and closed with one bidder and a bid far below that figure," the Council said in a statement. "The Serbian government deceived the citizens when it said the minimum price for Telekom is EUR 1.4bn, while leaving the door open to closing the tender with only one bidder and, of course, a bid far below that figure," reads the explanation. The problem is that the government also misled other interested investors, who believed the statements that the minimum price is EUR 1.4bn, and who did not submit bids because the price was too high for them. In this way, the government eliminated the competition, because only one bidder knew the real conditions for the sale of Telekom. The only bid came from Telekom Austria, which offered EUR 950mn for the capital of Telekom Serbia and EUR 450mn for investments. The Serbian government is expected to announce its decision on the bid on Tuesday. The Council also pointed out that the main problem in the sale of Telekom is that the statements from the government are not in line with the actual tender.
Anti-Corruption Council: Investors were misled
The call for participation in the tender does not list a minimum bid of EUR 1.4 billion as a qualifying condition, "which means the tender can be conducted and closed with one bidder and a bid far below that figure," the Council said in a statement."The Serbian government deceived the citizens when it said the minimum price for Telekom is EUR 1.4bn, while leaving the door open to closing the tender with only one bidder and, of course, a bid far below that figure," reads the explanation.
The problem is that the government also misled other interested investors, who believed the statements that the minimum price is EUR 1.4bn, and who did not submit bids because the price was too high for them.
In this way, the government eliminated the competition, because only one bidder knew the real conditions for the sale of Telekom.
The only bid came from Telekom Austria, which offered EUR 950mn for the capital of Telekom Serbia and EUR 450mn for investments.
The Serbian government is expected to announce its decision on the bid on Tuesday.
The Council also pointed out that the main problem in the sale of Telekom is that the statements from the government are not in line with the actual tender.
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