August 28, 2007	Tuesday	Sha’aban 14, 1428

COMMENTING on a report and editorial on August 25 and 27 respectively, relating to sale of Roosevelt Hotel, a spokesman for the Privatisation Commission has claimed that “no decision has been taken to sell the Roosevelt Hotel”.

He further claimed that the financial adviser would be paid according to contractual terms as advisory fee of $500,000 on achievement of certain milestones and a success fee of 0.99 per cent of net sale proceeds on successful completion of the transaction.

The spokesman said the valuation of the asset had not yet been finalised and claimed that terms of reference precluded the FA to act as adviser to any prospective buyer, which meant that the Cushman & Wakefield’s acting on behalf of bidders and becoming financial adviser of the transaction did not raise the question of conflict of interest.