MPs slam Carillion's 'desperate dash for cash'

 

MPs have described the former bosses of failed infrastructure and outsourcing giant Carillion as ‘delusional characters’ who ‘built a giant company on sand’.

The comments came after a joint inquiry by two Commons committees heard evidence from former Carillion directors, including former chief executives Keith Cochrane and Richard Howson, and former chairman Philip Green.

”Local
Former Carillion CFOs Emma Mercer and Zafar Khan (sic)

Following the hearings on Tuesday, MPs Frank Field and Rachel Reeves, co-chairs of the joint Work and Pensions and Business, Energy and Industrial Strategy Committees inquiry into Carillion said: ‘This morning a series of delusional characters maintained that everything was hunky dory until it all went suddenly and unforeseeably wrong.

‘We heard variously that this was the fault of the Bank of England, the foreign exchange markets, advisers, Brexit, the snap election, investors, suppliers, the construction industry, the business culture of the Middle East and professional designers of concrete beams. Everything we have seen points the fingers in another direction - to the people who built a giant company on sand in a desperate dash for cash.’

The committees have published Carillion's final business plan, the ‘recovery plan’ that was presented days before the company was forced into liquidation on 15 January.

The plan sets out the Carillion management's take on what was wrong with how the company had operated.

MPs pointed out that the picture painted by former directors at its hearing ‘appears at odds with the Business Plan's description of the problems at the company’.

In particular, MPs highlighted a comment from the plan which stated that: ‘The Group had become too complex with an overly short term focus, weak operational risk management and too many distractions outside of our “core”’.

MPs noted that the plan suggested that Mr Green ‘was to continue his tenure as Chair of the company regardless of this analysis’.

 

Also see

Register now for full access


Register just once to get unrestricted, real-time coverage of the issues and challenges facing UK transport and highways engineers.

Full website content includes the latest news, exclusive commentary from leading industry figures and detailed topical analysis of the highways, transportation, environment and place-shaping sectors. Use the link below to register your details for full, free access.

Already a registered? Login

 
comments powered by Disqus
 
 
highways jobs

Chief Executive

Luton Borough Council
Luton Borough Council
Recuriter: Luton Borough Council

Public Realm & Planning Team Manager

Camden London Borough Council
Up to £53,702
This is an exciting time for Camden’s Transport Strategy service! Camden, London (Greater)
Recuriter: Camden London Borough Council

Food Safety Environmental Health Officer

Camden London Borough Council
£35,913 - £41,657
As an Environmental Health Officer within Environmental Health, Business and Consumer Services... Camden, London (Greater)
Recuriter: Camden London Borough Council

Street Works Technical Officer

London Borough of Bexley
£20,667 - £24.999
We need a strong team player to assist the departments Street Works Team. Bexleyheath, London (Greater)
Recuriter: London Borough of Bexley

Food Safety Environmental Health Officer

Camden London Borough Council
£35,913 - £41,657
As an Environmental Health Officer within Environmental Health, Business and Consumer Services your focus will be food safety issues. Camden, London (Greater)
Recuriter: Camden London Borough Council

Project Manager and Research Officer

London Councils
£34,390 p.a.
Looking for a highly motivated, dynamic, enthusiastic and hardworking individual. London (Greater)
Recuriter: London Councils

Senior Development Engineer

Bristol City Council
£27,358 - £33,136
Bristol is an exciting, and culturally thriving Regional Capital City of Bristol
Recuriter: Bristol City Council

Executive Director Place & Economy

Peterborough City & Cambridgeshire County Councils
Competitive salary
The opportunity to combine major services across a city and a county to contribute to the delivery of future growth and Infrastructure Cambridgeshire
Recuriter: Peterborough City & Cambridgeshire County Councils

Head of Culture & Place

The Royal Borough of Kensington & Chelsea Council
up to £78,800 plus PRP
This could not be a more important time to join Kensington and Chelsea Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Director for Cleaner, Greener & Cultural Services

The Royal Borough of Kensington & Chelsea Council
up to £103,500 plus PRP
This could not be a more important time to join Kensington and Chelsea Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Director for Public Protection

The Royal Borough of Kensington & Chelsea Council
up to £103,500 plus PRP
This could not be a more important time to join Kensington and Chelsea Kensington and Chelsea, London (Greater)
Recuriter: The Royal Borough of Kensington & Chelsea Council

Head of Democratic Services

Ealing London Borough Council
£58,650.00 - £61,737.00
Ealing is an exciting place to live and work, and local democracy is at the heart of its success. Ealing, London (Greater)
Recuriter: Ealing London Borough Council

Director of Development and Environment

North Somerset Council
circa £125,000 p.a.
We are looking for an experienced and enthusiastic individual to maintain momentum on delivery of our regeneration and placemaking aspirations Somerset
Recuriter: North Somerset Council

Development Officer/Senior Development Officer

Solihull Metropolitan Borough Council
£28,221 - £35,229 / £33,136 - £41,846
Seeking an individual to lead on all aspects of Highways advice to a busy Development Management team Solihull, West Midlands
Recuriter: Solihull Metropolitan Borough Council

Highways Asset & Maintenance Manager

Brighton & Hove City Council
£42,806 - £46,326
Looking to recruit a new Highways Asset and Maintenance Manager Brighton, East Sussex
Recuriter: Brighton & Hove City Council

Commercial Manager

Leicester City Council
£41,846 - £44,697
Seeking for a Comercial Manager to work for the Leicester City Council. Leicester, Leicestershire
Recuriter: Leicester City Council

Senior Highways Development Engineer

Leeds City Council
£37,107 - £39,961
Seeking to appoint an experienced highways engineer or transport planner. Leeds, West Yorkshire
Recuriter: Leeds City Council

Trainee Deputy Editor of Bridge Design & Engineering

Bridge Design & Engineering
£24,000-26,000
Bd&e is looking for a structural or civil engineering graduate with a passion for bridges. Dorset
Recuriter: Bridge Design & Engineering

Strategic Transport Project Development Officer

Hull City Council
£36.153 - £39.002
Would you like to work in the successful UK City of Culture? Kingston upon Hull, East Riding of Yorkshire
Recuriter: Hull City Council

Project Lead

Hull City Council
£45.181 - £48.563
Would you like to work in the successful UK City of Culture? Kingston upon Hull, East Riding of Yorkshire
Recuriter: Hull City Council