16-01-2018, 21:11
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#31
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Remoaner
Cable Forum Team
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Posts: 32,221
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Re: Carillion Crisis
Maybe the Government should look into managing more of this projects themselves in the way TFL do. TFL subcontract out the actual physical work but they have much greater control of the projects themselves. The Government obviously shouldn't be directly involved with many of these tasks, hiring builders etc, but they shouldn't be so abstracted from them either.
This is another example of everything being handed off, there being probably decent evidence everyone knew for a while it was failing, but the government get to claim it's nothing to do with them. In the end the companies doing the manual work don't get paid, the staff lose their jobs and the public pick up the bill.
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17-01-2018, 08:24
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#32
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The Invisible Woman
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Re: Carillion Crisis
One off topic post removed.
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29-01-2018, 05:40
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#33
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Still alive and fighting
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Re: Carillion Crisis
Carillion tried to 'wriggle out' of pension contributions.
http://www.bbc.co.uk/news/business-42853895
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“The only lesson you can learn from history is that it repeats itself”
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29-01-2018, 09:45
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#34
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Perfect Soldier
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Re: Carillion Crisis
Aparently according to R4 business segment this morning they were paying dividends out to shareholders on the basis of anticipated revenues rather than actual profits. All sound very dodgy and the auditors KPMG are to be investigated.
Quote:
Originally Posted by
Reuters
The FRC said it would look at issues such as how the auditors recognised revenue on significant contracts and accounted for pensions.
The trustee of Carillion’s pension scheme said on Monday it may have a deficit of about 990 million pounds.
“The FRC is progressing with urgent enquiries into the conduct of professional accountants within Carillion,” the FRC said in a statement.
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31-01-2018, 12:45
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#35
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Re: Carillion Crisis
Shares in UK government contractor Capita plunge 40% after profit warning.
Quote:
Shares in government contractor Capita plunged 40% after it issued a shock profits warning and suspended its dividend payments just weeks after the collapse of construction firm Carillion.
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Quote:
David Madden, an analyst at CMC Markets, said the action from Capita was “a red alert” for investors, suggesting the company was struggling to cope with its debts.
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https://www.theguardian.com/business...profit-warning
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“The only lesson you can learn from history is that it repeats itself”
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31-01-2018, 13:27
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#36
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Perfect Soldier
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Re: Carillion Crisis
They're the outfit behind the knuckle draggers at TVL so I, for one, have very mixed feelings.
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History is much like an endless waltz: The three beats of war, peace and revolution continue on forever.
However history will change with my coronation - Mariemaia Khushrenada
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31-01-2018, 14:37
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#37
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The Invisible Woman
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Re: Carillion Crisis
Quote:
Originally Posted by heero_yuy
Aparently according to R4 business segment this morning they were paying dividends out to shareholders on the basis of anticipated revenues rather than actual profits. All sound very dodgy and the auditors KPMG are to be investigated.
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About time KPMG are investigated. They have a hell of a spotty record. How they haven't been done for fraudulent practices beats me.
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Hell is empty and all the devils are here. Shakespeare..
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06-02-2018, 13:09
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#38
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Re: Carillion Crisis
Carillion CFO says the supply chain let contractor down.
Quote:
Carillion’s former CFO Zafar Khan has told MPs that subcontractors had made it hard for the company to generate income.
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Quote:
Out of the approximately £800m debt, he said £400m was linked to work in Canada and the Middle East.
Mr Cochrane said that a project in Qatar saw 2,500 design variations submitted and that Carillion was not paid by the client for 18 months prior to its collapse.
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https://www.constructionnews.co.uk/c...027847.article
Too many fingers in too many pies and the consequences of it all are there for all to see.
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“The only lesson you can learn from history is that it repeats itself”
Last edited by denphone; 06-02-2018 at 13:12.
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06-02-2018, 18:11
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#39
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Mum 15/08/46 - 30/09/20
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Re: Carillion Crisis
Why haven't the bosses had their assest frozen?
TBH they should all lose everything and given a 1 bedroom home which they need to rent.
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06-02-2018, 18:14
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#40
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Re: Carillion Crisis
Frank Field summed it up succinctly when a string of senior directors from the Wolverhampton-based collapsed construction and infrastructure group Carillion appeared before two select committees at the Houses of Parliament today.
Quote:
“Pensioners are taking cuts, lots of people are not going to get paid for their contracts, other people have lost their jobs and you are still alright, all of you, aren’t you?”
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https://www.birminghampost.co.uk/bus...ntary-14254821
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06-02-2018, 18:17
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#41
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Perfect Soldier
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Re: Carillion Crisis
Quote:
Quote from Hom3r:
Why haven't the bosses had their assets frozen?
TBH they should all lose everything and given a 1 bedroom home which they need to rent.
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Whipped round the City mile wearing sackcloth and ashes.
No, they'll just present their day-glow credentials to the next organisation that they'll run into the deck.
__________________
History is much like an endless waltz: The three beats of war, peace and revolution continue on forever.
However history will change with my coronation - Mariemaia Khushrenada
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07-02-2018, 20:20
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#42
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Re: Carillion Crisis
Classic case of really bad management from the very top. The directors should be held to account for this failler of the first degree.
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10-02-2018, 20:40
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#43
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Inactive
Join Date: Oct 2006
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Re: Carillion Crisis
Quote:
Originally Posted by Hom3r
Why haven't the bosses had their assest frozen?
TBH they should all lose everything and given a 1 bedroom home which they need to rent.
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Same reason certain inept/negligent/or worse public sector grandees seem to move from one highly paid post to another leaving a trail of failure behind them in their wake.
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11-02-2018, 05:14
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#44
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Re: Carillion Crisis
Quote:
Originally Posted by Osem
Same reason certain inept/negligent/or worse public sector grandees seem to move from one highly paid post to another leaving a trail of failure behind them in their wake.
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And gets a juicy golden handshake and gold plated pension when they slink off to their retirement homes way before everybody else retires.
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“The only lesson you can learn from history is that it repeats itself”
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22-02-2018, 07:32
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#45
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Still alive and fighting
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Re: Carillion Crisis
Carillion was in trouble by mid-2016, says whistleblower.
Quote:
“Anyone in the business knew there were major problems, even middle managers,” the former Carillion executive told the Guardian.
“The supply chain wasn’t being paid, money was getting transferred [between different parts of the group] to pay salaries, loans were coming in from the UK to the whole of the Middle East. By mid-2016 we were already seeing these problems.”
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https://www.theguardian.com/business...-whistleblower
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