Carillion Directors To Be Investigated

[mikey4444]

http://www.bbc.co.uk/news/business-42703549

"It is important we quickly get the full picture of the events which caused Carillion to enter liquidation," said Business Secretary, Greg Clark, in a statement.

"Any evidence of misconduct will be taken very seriously," he said.

Lets hope so.

[youngmafbog]

I won't be holding my breath.

[mikey4444]

Nor me YMB, but we have to have some faith that justice will prevail !

[ludwig]

// "Any evidence of misconduct will be taken very seriously," he said. //

Good. While he's at it he could probably have a look at why the government continued to throw taxpayers money at them despite profit warnings etc. It look like the necessary due diligence wasn't done.

[youngmafbog]

//why the government continued to throw taxpayers money at them //

Whilst I agree insufficient due diligence was done I would hope the contracts have payment for work done. So no work - no pay ?

[barney15c]

Haul these directors before a PAC or an Inquiry, get to the bottom of why they changed the bonus clawback rules just before the 1st profit warning. Did shareholders vote this through, or did the renumeration board force it through without shareholders approval?
Why was Carillion not paying suppliers until 120 days (i stand to be corrected but is it usually 90 days / 3 months). Maybe the law should enforce that payment is payable by LAW within 90 days , no exceptions

[andy-hughes]

I'm waiting for someone to pop up and say that they had to pay the directors their enormous salaries in order 'to attract the right calibre of people' - even though once again, that argument has singularly failed to prove itself as valid business practice.

[barney15c]

They most certainly were not paying these people huge amounts of money for their high level of moral compass.
Any politicians on the board of Carillion perchance?

[mikey4444]

One of the first questions this enquiry could try asking is how could Carillion pay dividends of £83 last year, when its pension fund was £580M in deficit ?

[ToraToraTora]

they were a good band in the 80s, Kayliegh, Lavender etc spot on.

[mikey4444]

TTT......I'm glad you find this a cause for levity.

I am not sure the 10,000's who are now out of work will agree though.

[ToraToraTora]

have a day off mikey, it's too big to fail, the government will nationalise it, I'd have thought with your communist views you'd be chuffed.

[mikey4444]

TTT.........The Government will most certainly not "nationalise it", unless you have information to the contrary ?

[ToraToraTora]

they'll have to, to save the jobs etc, of course they won't call it that but that's what it will be.

[barney15c]

Pity it wasn't election year, the Tories would be flat on their *** for how they have handled this.

[Jomlett]

Joel Hills (@ITVJoel)
Witness statement filed at High Court by Carillion CEO is doing the rounds. It’s fascinating. Reveals that expected recovery for creditors in liquidation is 0.8p - 6.6p in the £. Ouch.

[mikey4444]

Jomlett....yes, and that list of creditors is an orderly queue. The Banks will be at the head of the queue, and guess where all the 1000's of subcontractors and supplies will be ?

[Togo]

The lesson being, careful who you do business with. Would you trust them?

http://www.dailymail.co.uk/money/markets/article-5276557/Qataris-owe-Carillion-200m-World-Cup-stadium-deal.html