A legal challenge against the UK government’s
decision to sell the Green Investment Bank (GIB) to Australian
bank Macquarie has added further controversy to an already
criticised deal. It’s the latest in a series of
hurdles to the proposed £2 billion ($2.47 billion)
privatisation of the state-owned investor, which has been in
the pipeline since 2015. Rival bidder Sustainable
Development Capital (SDCL) launched a judicial review over the
sale on March 1 alleging that the bidding process had not
complied with some of the government’s criteria,
including achieving value for money for the
taxpayer. Macquarie was approved as preferred bidder in
October 2016 but has been the target of ongoing criticism since
the privatisation announcement at the beginning of the year.
"Fundamentally, it comes down to what Macquarie is offering to
do with the GIB," said Tomas Freyman, managing director,...