Jersey in Cadbury take-over talks
Friday 9th April 2010, 3:00PM BST.
Kraft’s takeover of Cadbury has been investigated by the JCRA
JERSEY’S competition regulator has defended its actions in holding talks with lawyers representing food giant Kraft in its multi-billion takeover of Cadbury.
The executive director of the Jersey Competition Regulatory Authority, Chuck Webb, confirmed that ‘detailed discussions’ were held with Kraft’s advisers under requirements outlined in the Island’s Competition Law.
The regulator was criticised by the Jersey Chamber of Commerce for acting to involve itself in the £11.9 billion deal.
Chamber of Commerce vice-president Kevin Keen wrote in the February edition of the publication Chamber Online that the JCRA often seemed to be bound by a law that was designed for a much bigger jurisdiction. He said that the Cadbury and Kraft deal was a good example. Mr Keen said: ‘If the top management of these companies had heard of Jersey I would be pretty surprised.’
However, Mr Webb responded in the March edition of the newsletter to defend the actions of the JCRA. He said that as a result of the detailed discussions held with the Kraft legal team, a written undertaking was given by Kraft’s US management to the JCRA.
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Muppets.
And how much did this cost the tax payer?
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Sometimes you really have to agree with Senator Syvret with respect to the utter incompetence of our government in that “you really could not make these things up”. What further evidence is needed that we have an egotistic Civil service that is totally out of control.
Such actions can only damage Jersey’s reputation, implying that we are overly bureaucratic jurisdiction which will readily sink any business unfortunate enough to come here under a mountain of red tape. This headline must surely be of comfort to our competitors in Guernsey and the Isle of Man.
As it is our GST monies that go to pay these cowboys one must wonder how much better off we would be if it were scrapped.
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Dave (1) — “And how much did this cost the tax payer?”
Actually, the investigation cost the Jersey tax payer £0.00, as the JCRA’s expenses for this matter were paid in full by Kraft
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What the hell has Stuart Syvret got to do with a takeover? What will you people do when he has gone? Carry on bringing up his name with every event? Its really sad.
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@4 “Matt”
Err, the phrase “you really could not make these things up” is an oft quoted phrase by Senator Syvret to point out the perceived lack of competence from our Government. And in this situation, a lack of competence appears to be founded.
That is why Stuart’s name was mentioned.
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Matt 4 – What the hell has Stuart Syvret got to do with a takeover? What will you people do when he has gone? Carry on bringing up his name with every event? Its really sad
I think Sanit’y comment was entirely relevant, the point being made was that Syvret highlighted beaureaucratic incompetance at government level costing the island business. In view of this story would you say he was wrong
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I do hope the JCRA realise that probably only one party will hold overall sway in the forthcoming UK elections. As the outcome WILL have some effect here in respect of health agreements law assents etc can Mr Webb please negotiate with all the parties to ensure that no monopoly of view is held by any one UK party.
Does political lobotimisation exist? perhaps this is evidence.
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When I saw this I thought it must have been left over from April Fool’s day.
The people at Cadbury and Kraft must have fallen off their chairs with laughing!
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