A property company sold by the government for £11.4m three years ago has been re-sold for £84.6m reaping a profit of more than £70m. Half the profit will be shared by Dr Wilem Frischmann, Sudhu Prabhu and Trevor Osborne. The rest goes to Amec, the building company.
The PSA, which ran Whitehall buildings and managed government building projects, was sold in 1993 by John Redwood. The divisions bought by civil engineering consultancy Pell Frischmann included the part which managed Buckingham Palace, the Houses of Parliament and the Government’s Whitehall buildings.
Now shadow chancellor Gordon Brown has asked the Commons’ Public Accounts Committee to investigate the original privatisation.
- The Daily Telegraph 04/09/96 page 23
- The Independent 04/09/96 page 2
