09 October 2007
The Minister of Treasury and Resources, Senator Terry Le Sueur has today lodged a Report and Proposition which will ask the States to agree that their shareholding in Jersey Telecoms (JT) should be sold and to request the Minister to identify a suitable buyer. The outcomes of the sale process would be brought back to the States for approval.
In the preparation of the report the Minister has sought extensive advice from experts on the sale of telecommunications companies, lawyers, and one of the top international consultancies on the telecommunications industry. Reports have also been produced by various directly interested parties such as the Minister for Economic Development and Jersey Telecom as well the Economic Affairs Scrutiny Sub Panel (EASsP).
In response to the recommendations of the EASsP review of the Minister’s sale proposals, it was agreed to commission a further joint review of the sale proposals to be overseen by an independent Steering Group. That Steering Group, comprising Bill Ogley - States Chief Executive, Ian Black - Treasurer of the States, David Parker - expert adviser to the EASsP and Bob Lawrence - Chief Executive of Jersey Telecom sought expert advice from Oxera, the States economic advisers and all States members were invited to raise their concerns or questions.
Having considered the advice from Oxera the independent Steering Group concluded that selling Jersey Telecom would be in the best economic interests of the Island , providing a number of conditions were met. The Minister has, in cooperation with the Minister for Economic Development, developed measures to address each of the proposed conditions and is confident that there are no longer any reasons why the sale should not progress.
Treasury Minister Senator Terry Le Sueur said today:
"I am delighted that we have been able to address all the concerns about the sale of Jersey Telecom including protection of consumers, continued investment in infrastructure, protecting employment rights of staff and ensuring an appropriate buyer. These aspects and many others have been given full consideration.
With the right measures in place the States, the Company and the people of Jersey can be confident that the sale is the best option for the Island , taxpayers, telephone users and Jersey Telecom and its staff.
I will be asking the States to debate the sale in November and approve the selected buyer next year."
-Ends-
Notes to Editors;
For more information contact Treasury Minister Senator Le Sueur on Tel: 863994, or States Treasurer Ian Black on Tel: 440215.
Click here to view the Report and Proposition (Adobe PDF document
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