The Public Accounts Committee has asked the Finance Ministry to explain why the government shares in FINTEL has been sold below the market valuation price.
The Auditor General’s office told the committee that the valuation was done by the Finance Ministry’s Asset Management Unit and they raised their concern on the independence and credibility of the valuation.
An official from the Auditor General’s office said the valuation was not done independently by the valuer.
The office says the Finance Ministry responded that they had agreed with FINTEL on the sale for $9M, instead of the lowest range of $11.1M.
It has been confirmed that the valuation range of government shares was from $11.1M to $19.8M.
The office adds that it was due to the inactive financial market in the economy.
When asked, the Finance ministry officials asked the committee if they could respond in writing.
The government owned 51% of the shares in FINTEL. It was bought by Amalgamated Telecom Holdings.
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