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State choosing Slovak Telekom privatisation consultant
8 May 2014 Flash News
The state is currently in the process of choosing an investment bank that will advise it on the sale of a 49-percent stake in the Slovak Telekom company (where Detusche Telekom is the other stakeholder). A committee composed of one private and two state bankers is selecting the winner, the Sme daily wrote on May 7.
The management of the government privatisation agency National Property Fund (FNM) will pick the advisor from among the three banks that made it to the short list: J. P. Morgan, Citi or UBS, Sme wrote.
Nova party Vice-chairman Marcel Klimek said, at a press conference on May 7, that the privatisation in question is one of the most lucrative and the government decided to choose a consultant set to help clinch the most profitable deal without any tender. The first conflict of interest lies in the fact that J.P. Morgan is corporately affiliated with Deutsche Telekom, which also has the right of first refusal, said Klimek. As for the second conflict of interest, the consultant was chosen by a three-man committee under the auspices of the Economy Ministry, with two of the committee members being subordinates to Finance Ministry State Secretary Vazil Hudák, the former J.P. Morgan vice-president who had also worked for Citibank.
(Source: Sme, TASR)
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