NAO report into Qinetiq welcome

5.24.12pm GMT Thu 26th Jan 2006

Vince Cable MP, Liberal Democrat Shadow Chancellor, today welcomed the National Audit Office's decision to investigate the sale of shares in Qinetiq. Mr Cable had previously called for the NAO to undertake such an investigation after concerns about the deal were expressed by former Defence Ministers.

Mr Cable said: "I hope this review is carried out quickly in light of the huge interest surrounding the floatation of the company.

"There are many unresolved questions in relation to whether taxpayers achieved value for money in the original sale of shares, and also in relation to the long-term partnering agreement involving MoD firing ranges which was worth up to £5.5bn to Qinetiq."

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