Sudhir petitions House over NIC bids
Mar 03, 2005
PROPERTY mogul and chairman of Goldstar-Canon Alliance consortium, Sudhir Ruparelia, has asked Parliament to intervene in the ‘unfair’ privatisation of National Insurance Corporation (NIC).
By Mary Karugaba
PROPERTY mogul and chairman of Goldstar-Canon Alliance consortium, Sudhir Ruparelia, has asked Parliament to intervene in the ‘unfair’ privatisation of National Insurance Corporation (NIC).
In a letter to the Speaker of Parliament, Edward Ssekandi, recently, Ruparelia said, “We are writing to express our concern about the manner in which NIC’s financial bids were handled.â€
Last week, the Privatisation Unit opened NIC’s bids, where Industrial and General Insurance Company of Nigeria emerged the highest bidder offering $3.625m for the 60% stake.
Ruparelia’s Goldstar-Canon Alliance consortium came second with $3.611m, followed by Apollo Insurance Company of Kenya, APA Insurance and Elly Karuhanga’s consortium, which offered $1.854m.
Kenyan-based Insurance Company of East Africa offered $1.8m while the lowest bidder was United Assurance Company and UAP Provincial Insurance Company, with $252,566.
Ruparelia said on the day the bids were submitted, five of the bids were handed to a person purportedly from Standard Chartered Bank and were not sealed.
He said this resulted into some bidders accessing other people’s prices, which made the highest bidder to offer more than was originally offered.
However, the Speaker forwarded the matter to the finance committee.
The committee, however, said the petition lacked concrete evidence that calls for Parliament’s investigations.
Ends
PROPERTY mogul and chairman of Goldstar-Canon Alliance consortium, Sudhir Ruparelia, has asked Parliament to intervene in the ‘unfair’ privatisation of National Insurance Corporation (NIC).
In a letter to the Speaker of Parliament, Edward Ssekandi, recently, Ruparelia said, “We are writing to express our concern about the manner in which NIC’s financial bids were handled.â€
Last week, the Privatisation Unit opened NIC’s bids, where Industrial and General Insurance Company of Nigeria emerged the highest bidder offering $3.625m for the 60% stake.
Ruparelia’s Goldstar-Canon Alliance consortium came second with $3.611m, followed by Apollo Insurance Company of Kenya, APA Insurance and Elly Karuhanga’s consortium, which offered $1.854m.
Kenyan-based Insurance Company of East Africa offered $1.8m while the lowest bidder was United Assurance Company and UAP Provincial Insurance Company, with $252,566.
Ruparelia said on the day the bids were submitted, five of the bids were handed to a person purportedly from Standard Chartered Bank and were not sealed.
He said this resulted into some bidders accessing other people’s prices, which made the highest bidder to offer more than was originally offered.
However, the Speaker forwarded the matter to the finance committee.
The committee, however, said the petition lacked concrete evidence that calls for Parliament’s investigations.
Ends