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Leading groups support Kiley's view on Tube
00:00 18 Jul 2001
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by Carol Millett
As pressure mounts on London Transport chairman Bob Kiley to resign from his position as chief negotiator on the Tube's partial privatisation, a group of leading financiers, lawyers and contractors has weighed in on his side, warning that the Tube PPP is wrongly structured.
A recent vote by members of the International Project Finance Association (IPFA), which represents companies involved in Public Private Partnerships (PPP), has revealed that although 78% supported a PPP scheme for the Tube, a staggering 60% believed the form of PPP currently proposed for the Tube to be unworkable.
Geoff Haley, chairman of the IPFA, said: "It is time for the government to listen and admit the current deal on the table is not the best deal for both sides - honesty is now needed to avoid a signed deal that will ultimately fail to deliver the required modernisation."
The vote comes amid growing rumours that Kiley will be forced to resign as chairman of London Transport at the LT board meeting today (Wednesday), as CJ predicted two weeks ago (CJ 4 July).
As pressure mounts on London Transport chairman Bob Kiley to resign from his position as chief negotiator on the Tube's partial privatisation, a group of leading financiers, lawyers and contractors has weighed in on his side, warning that the Tube PPP is wrongly structured.
A recent vote by members of the International Project Finance Association (IPFA), which represents companies involved in Public Private Partnerships (PPP), has revealed that although 78% supported a PPP scheme for the Tube, a staggering 60% believed the form of PPP currently proposed for the Tube to be unworkable.
Geoff Haley, chairman of the IPFA, said: "It is time for the government to listen and admit the current deal on the table is not the best deal for both sides - honesty is now needed to avoid a signed deal that will ultimately fail to deliver the required modernisation."
The vote comes amid growing rumours that Kiley will be forced to resign as chairman of London Transport at the LT board meeting today (Wednesday), as CJ predicted two weeks ago (CJ 4 July).
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