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According to the Al-Akhbar newspaper, the Treasury has committed $ 75 million for the construction of a building that could have been destroyed in vital areas. This decision, which was made by the Minister of Communication, Mohammad Shukair, was "an economy," revealed the Treasury. The telecommunications sector insists that it offers a "veil" to a group of people whose names should be revealed to the public.
The newspaper announced in an article published today that 75 million dollars would be paid by the Lebanese state. The price of a building will be occupied by the company "Touch", which operates the network "Micro 2". The building is located in what has become known as Solidere, one of Lebanon's most expensive real estate areas.
"The state has a $ 75 million building and the total rent for 10 years will be $ 68.5 million," he said.
Shukir stated that the first installment, which had already been paid in the form of rent of $ 6.4 million, was included in the first payment of the construction price. Remaining payments would be made in three installments, the latest being 2022. "
Choucair may have thought that his statement would produce waves of virtual applause for a minister who "saves" the public purse and expands the state's popular property base to promote privatization and replace the sector. private by the public. The result was however the opposite, not only because of the $ 75 million spent on building a building that was not an emergency, and at a time when the state was adopting policies of austerity.
First of all, the newspaper said that it should be recalled that in 2012, the Ministry of Communications had rented to Touch, a building located in the Shiah area (Ksabian building), whose Annual rent rose to $ 2.2 million, with annual rents increasing by 6%. From the previous year. But the ministry came back and asked for the dissolution of the contract, which led to the Treasury and the loss of realized and future income.
Notwithstanding the foregoing, the Ministry decided, under Choucair, to rent a building in the center of Beirut, with an annual rent more than three times what would have been paid in the chiha, before the transfer of the lease to purchase , taking advantage of the populist campaign launched by the House of Representatives against state rents (Without a serious study of the needs of the administration and public institutions, no real feasibility study really shows what The best way is to pay the state hundreds of millions of dollars to buy real estate or to continue paying rent?
According to informed sources in the telecommunications sector, the Minister of Communications should reveal the full identity of the property owners who benefited from the transaction, who are the true shareholders of the following three companies: City Development Company , BSC 1526 Bashura And "AC Reality Group SA". These companies post their names in the building's real estate statement, as a city's major bank corporations about $ 73 million, the property's own guarantee.
Other sources close to the "market" wondered how the head of economic institutions ("Shakir"), "without economic equations, was completely unaware of his theory that the purchase of the building had saved the state ". She explained that the net rent of the building, "if the interest is 10%, will be $ 41.6 million .If the interest is 12%, the value will be $ 38.2 million. "Therefore, according to sources," it can not be said that the state would have paid $ 70 million in total rent over 10 years. "
The second point on which the sources have drawn attention is the interest of installments in three installments. "It is true that the price of the building, relative to the area where it is located, is relatively cheap, the price per meter was five thousand dollars, but the information is incomplete." In the doldrums of real estate, the Ministry of Communications will pay "part of the amount directly, the balance will be refunded".
The sources added that the state would incur additional payments of $ 10 million, "which means it would pay about $ 85 million for the building." The $ 75 million, if they are invested by the banks, at the current interest rate of 12% and the candidate to increase, $ 90 million, if we add the $ 75 million. dollars, the result is 165 million dollars! "
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