We always welcome a Letter to the Editor to share with our readers. This one from journalist and Chale resident, Mike Starke, in relation to the recent signing of Highways PFI contract. Ed
A picture tells a thousand words, they say, and how eloquent is the grinning line-up shown at the PFI contract signing in London.
Not an elected representative of Island residents in sight. Clearly the shape of things to come over PFI accountability.
I also hope the smiles on the faces of those current IW Council employees (here) do not have cause to fade in the next couple of years as some 65 of them adjust to different pay and conditions under their new boss, Vinci-Meridiam.
French investment fund’s mission is clear
Far be it from me to spoil their celebration, but the half-share owner of the Island’s highway network, French “investment fund” Meridiam (established 2006), has as its primary mission statement on its Website: “Meridiam’s presence guarantees a whole-life management approach to the asset (aka: IW PFI), which maximises long-term yield to investors.” (my italics).
This yield may be enhanced by the firm being registered in the notorious tax haven of Luxembourg.
Many councillors: No idea what Meridiam is
At least we know where their priorities lie, even if the many councillors I have approached do not. An alarming number said they do not know who or what Meridiam is. And they voted for the signing of the contract when they were told to do so with indecent haste in August.
And just to remind us, centre stage in the picture is PFI director Jay Jayasundara, who came to us from PricewaterhouseCoopers (PwC), coincidentally the financial advisers to the PFI project.
Auditors to Northern Rock
PwC? Oh yes, as Private Eye reminds us ceaselessly, that’s the firm that was auditor to Northern Rock at the time of its demise and went on to advise Barclays Bank on tax avoidance methods.
It helped out with contributions in kind to all three main political parties nationally, which may have nothing to do with why Whitehall might have given them the nod for the Island job. It was the then-minister in charge, Lord Adonis, who wrote to me to say the Island PFI would only be approved if the right financial advisers were appointed.
So, trebles all round in boardrooms from London to Paris and Luxembourg.
The end of a highways department?
… And we can all look forward to pristine Island roads being handed back to the council in 2038. Can’t we?
Er… handed back to what? No highways department. Possibly no council, if privatisation of public services continues at its current rate.
Is the fact that I find something white and fluffy underfoot and can hear a two-tone birdsong indicate that I have stumbled into an offshore cloud cuckoo land?
Image: © Isle of Wight Council. From left to right, David Gibby PFI Director VINCI Ringway, David Binding Commercial Director VINCI Ringway, Jay Jayasundara PFI Director IW Council and Phil Jackson Bid Director VINCI Ringway.
