Area for all other political discussion
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By Big Arnold
Membership Days Posts
#531136
The council said it ‘had been planning for the possibility of Carillion’s collapse for some time’, having cut much of its 10-year contract short in July.

Carillion provided catering or cleaning, or both, at 101 Oxfordshire schools, employing 250 people.
http://www.oxfordmail.co.uk/news/158280 ... _collapse/
 
By Bones McCoy
Membership Days Posts
#531143
Arnold wrote:
Thu Jan 18, 2018 5:25 pm
The council said it ‘had been planning for the possibility of Carillion’s collapse for some time’, having cut much of its 10-year contract short in July.

Carillion provided catering or cleaning, or both, at 101 Oxfordshire schools, employing 250 people.
http://www.oxfordmail.co.uk/news/158280 ... _collapse/
Two and a half people for catering and/or cleaning a whole school - I didn't realise the private sector was that efficient.
 
By Cyclist
Membership Days Posts
#532286
It's not just Carillion.

I ranted about how shite Crapita are at recruiting squaddies. As if by magic...
Capita shares hit 15-year low after shock profits warning - business live
Major UK outsourcing group stuns City with profits warning, as new CEO admits the company is too complex and freezes its shareholder dividend

10.30am: Shares down 42% at 15-year low
Newsflash: Capita profits warning
New CEO says company must change
Capita wants to raise £700m from shareholders
Worries over £381m pensions deficit
Labour: Privatisation is failing
Capita’s major government contracts

https://www.theguardian.com/business/li ... iness-live
 
By Big Arnold
Membership Days Posts
#532803
Former Carillion directors were 'asleep at the wheel', claims MP

Commons committees question executives on government contractor’s collapse

Khan denied the claim.

Directors were also accused of prioritising the payment of dividends to investors over paying into a pension scheme whose deficit is estimated at around £990m.
https://www.theguardian.com/business/20 ... s-collapse
 
By Bones McCoy
Membership Days Posts
#532828
The Pension issue is screaming out for urgent regulation.

Every collapsed company (or so it seems) reveals a gaping black hole.
The slightest slowdown, where "entrepreneurs" take the "I'm out and fuck the rest of you" options, and the entire fund will be drunk dry.
 
By Timbo
Membership Days Posts
#533403
Indeed. It seems astonishing to me that any company can be allowed to pay a dividend while it's pension scheme remains in deficit. The government needs to set a standard accounting model to establish deficits, rather than letting firms shop for a more optimistic forecasting model.
Arrowhead liked this
 
By Big Arnold
Membership Days Posts
#534575
Carillion was in trouble by mid-2016, says whistleblower

Former executive says directors were ‘placating the City’; nobody wanted to give ‘bad news’

https://www.theguardian.com/business/20 ... stleblower
 
By Big Arnold
Membership Days Posts
#535599
Carillion "aggressively managed" its balance sheet to make accounts look better, a previously unpublished report commissioned by the collapsed construction firm's board in 2017 said.

The report was intended to be presented to would-be lenders but never used.
I would have thought that would have been fraud. Obtaining money by deception. I'm obviously not cut out to run a large business.

https://www.bbc.co.uk/news/amp/business-43275605
 
By Bones McCoy
Membership Days Posts
#535619
Arnold wrote:
Sun Mar 04, 2018 4:12 pm
Carillion "aggressively managed" its balance sheet to make accounts look better, a previously unpublished report commissioned by the collapsed construction firm's board in 2017 said.

The report was intended to be presented to would-be lenders but never used.
I would have thought that would have been fraud. Obtaining money by deception. I'm obviously not cut out to run a large business.

https://www.bbc.co.uk/news/amp/business-43275605
You may recall their auditors were allowed to "Mark their own homework" and game themselves
a glowing report for their oversight of Carillion's crisis years.

Said auditor is now working for the administrators.


In my opinion, neither the law, nor the state of oversight by audit are adequate to protect employees, customers and creditors from dishonest boardroom practice.
I don't know the solution, but at present the usual suspects are able to cash out with their pockets stuffed, leaving a black hole behind for creditors and pensioners.
 
By Bones McCoy
Membership Days Posts
#542971
Bones McCoy wrote:
Sun Mar 04, 2018 7:30 pm
Arnold wrote:
Sun Mar 04, 2018 4:12 pm
Carillion "aggressively managed" its balance sheet to make accounts look better, a previously unpublished report commissioned by the collapsed construction firm's board in 2017 said.

The report was intended to be presented to would-be lenders but never used.
I would have thought that would have been fraud. Obtaining money by deception. I'm obviously not cut out to run a large business.

https://www.bbc.co.uk/news/amp/business-43275605
You may recall their auditors were allowed to "Mark their own homework" and game themselves
a glowing report for their oversight of Carillion's crisis years.

Said auditor is now working for the administrators.


In my opinion, neither the law, nor the state of oversight by audit are adequate to protect employees, customers and creditors from dishonest boardroom practice.
I don't know the solution, but at present the usual suspects are able to cash out with their pockets stuffed, leaving a black hole behind for creditors and pensioners.
The report is in:

Major shit for the board "Cramming gold into their mouths while crashing the company".

Incredibly, every one of the Big 4 accountancy companies are criticised.
I'm waiting to see whether anybody mentions the C-word*.

Meanwhile plenty of public moneyand subcontractor's investment ends up in the hands of a bunch of unscrupulous (but perfectly legal) cunts.
How much will end up as donations to the Tories is anybody's guess.
Once again, corporate governance law is shown up as unfit for purpose.



* Cartel.
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