[Diggers350] NAO say taxpayer lost £4.2bn, Military Homes Re-Nationalisation Row Heads To Court
Tony Gosling
tony at cultureshop.org.uk
Mon Aug 15 13:05:20 BST 2022
Military Homes Re-Nationalisation Row Heads To Court
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August 2022
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Military homes row heads to court
Guy Hands files legal claim against MoD to block
renationalisation of £7.6bn housing portfolio
<https://tlio.org.uk/military-homes-re-nationalisation-row-heads-to-court/https://www.telegraph.co.uk/business/2022/02/13/rotten-deal-taxpayers-leaves-mod-tough-battle/>By
Helen Cahill Daily Telegraph Tuesday 15 March 2022
GUY HANDS housing firm has launched legal
proceedings against the Government to block the
renationalisation of its portfolio of thousands of military homes.
Hands company Annington Homes has begun legal
action in two courts after talks with the
Ministry of Defence (MoD) over the
renationalisation broke down. Annington offered
to contribute £105m to maintain the homes but was rebuffed by the MoD.
Emacs!
Anningtorn has now launched a judicial review as
well as a High Court claim challenging the MoDs
plans. Defence chiefs are trying to use leasehold
rights to reclaim homes that were first sold off
by John Majors administration in 1996.
Hands brokered the privatisation deal while he
was head of the Principal Financial Group at
Nomura. He later purchased the properties through
his private equity firm Terra Firma. The portfolio is now valued at £7.6bn.
The MoD sold off 57,400 homes for £1.7bn and then
rented them back on a 200-year lease.
The Government has since been criticised for
failing to properly value the homes in the
original auction. The National Audit Office has
complained officials were too cautious with their
assumptions for house prices, and missed out on
vast capital growth in the portfolio. Its report
found taxpayers have lost as much as £4.2bn.
The Government is also on the hook for hundreds
of millions each year in rent and maintenance
payments on the properties. Lord Admiral West,
the former first sea lord, has described the deal
as a dream money-making scheme for the private sector.
Annington said the Government could still avert a
lengthy legal dispute if it takes up the
companys offer to contribute £105m towards
maintenance. The company has warned legal
proceedings could take up to five years.
A spokesman for Annington Homes said: We can
confirm that Annington has begun legal proceedings against the UK Government.
We continue to be open to discuss with the
Government to find a solution that avoids a long and expensive legal dispute.
Hands was hoping to sell the portfolio in a
private auction before hearing of the MODs
attempt to reclaim the properties. Reports
suggested he could have made more than £1.5bn from the sale.
The MoD has so far trialled its scheme on two
individual properties. The so-called
enfranchisement scheme would allow the
government to purchase freeholds en masse at a price agreed by a court.
Annington has argued that the scheme is not
appropriate for use on a large number of homes
and that making thousands of applications will
block up the court system. But the MoD is
confident it would be able to use test cases to
establish valuations for a wider group of properties.
Mr Hands has embarked upon lengthy legal battles
in the past. His ill-fated takeover of music
group EMI sparked a legal dispute with Citigroup
that lasted seven years. Citi lent Terra Firma £2.5bn to fund the deal.
Mr Hands later chased the bank through the
courts, both in New York and London over
allegations of fraud but he abandoned the £1.5bn case in 2016.
The MoD declined to comment.
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