Friday, June 16 2017 @ 12:03 PM AST
Contributed by: michaelariston
- Get on board
- Sign deal
- Announce signing of deal that would benefit people in xyz way so that people would focus on their xyz and no one would ask how the deal came about
We have a lot of this http://ngc.co.tt/wp-content/uploads/2...a-bank.pdf in Trinidad and Tobago. State-owned enterprises and of course government ministries (like the US$1b Deutsche Bank bond http://www.guardian.co.tt/business/20...bond-issue) just announce a deal has taken place, and this is the one we're giving this business to and that's it.
Nobody asks any questions, like if the other banks were given an opportunity to bid for the business, or why wasn't a public tender announced. If anyone asks, the culprit's response would be either that (1) there are only a few banks in the country (2) for competitive reasons it was all done behind closed doors and under confidentiality agreements.
What?! What competitive reasons could a state-owned company have? Who is the State competing with? Who could have rushed ahead and stolen this business from who? The only party a confidentiality clause in an agreement like this could protect would be the bank and that protection would be from other banks. Is this the most transparent way for a state-owned company or the Finance Ministry (above) to give a bank business?