News

The greed of the private equity funds that now own the Danish Telecom company TDC, has shrunk to a new and disgraceful low with the 5 private equity funds "stripping" the TDC assets.

 

They have announced that they will sell off 43 out of 60 summer houses/cottages that has been available for the employees at a low price for holidays, weekends etc.

 

Originally most of the houses were financed through funding from a special account for holiday savings for the employees that for various reasons had not been paid out.

 

Some houses were originally given as presents to the employees in connection with company anniversaries (such as the 75 year and 100 year anniversaries).

 

Formally TDC is registered as the legal owner of the houses but in fact this case  clearly shows that when it  comes to money - nothing is sacred for the private equity funds.

 

Union members of course have been very angry with this and it has created a great debate and protest on TDC's intranet. 

 

UNI's affiliate in Denmark, the Danish Metal Workers Union, have also strongly protested on this matter saying that this shows the real face of private equity. The union is now trying to take legal action in the case.



UNI Telecom is disgusted at this abject greed by the private equity funds who no doubt will use the profits to fund the inflated salaries of their executives so they can buy their own holiday mansions on the " backs of the workers"!