Carillion's Board Really Was Shite!

Carillion's board presided over a "rotten corporate culture" and was culpable for its "costly collapse", two committees of MPs have concluded.

The MPs also called for a potential break-up of the big four audit firms, after they "waved through" the indebted construction firm's accounts.

The Catastrophe Effect of Carillion's Collapse

In terms of the Bank of England's view on effects of the Carillion liquidation on the supply chain, the key phrase is 'so far'. Carillion had 11,600 direct sub-contractors (and once you take account of their sub-contractors & suppliers then 25,000 firms will be affected)... pic.twitter.com/XwXlDlyEhV

— Noble Francis (@NobleFrancis) March 28, 2018

The beating of a butterfly's wings......

Carillion Forgot They Were A Private NOT Public Company

Yesterday @CommonsPAC and @CommonsPACAC questioned #Carillion directors. Chairs @Meg_HillierMP & @bernardjenkin asked about the expectation of Government support. pic.twitter.com/nyjwBJZ4Zy

— Public Accounts Comm (@CommonsPAC) February 28, 2018

Carillion's Delusion Continues Even Now!

Philip Green: We believed, at the time, that the strategy of the company was the right strategy. #Carillion pic.twitter.com/rtLC32yViZ

— Public Accounts Comm (@CommonsPAC) February 27, 2018

Carillion Really Was Shit!

the head of the Insolvency Service has just told a select committee that Carillion kept such bad records that it had been hard to work out even simple information such as the identify of all its directors

— Jim Pickard (@PickardJE) January 30, 2018

As I noted yesterday, Carillion really was shit!

FRC Believes It Did a Bang Up Job Re Carillion

Hadrill rejects accusation from MP that FRC has been "useless" over Carillion. Says "We don't have the ability to look inside the business...more than what is evident from what they publish"

— Simon Gompertz (@gompertz) January 30, 2018

Carillion Was a Pile of Shit Run by, and for The Benefit of, Worms!

The BBC reports that all was not well in the House of Carillion in the years leading up to the collapse of the firm:

"Carillion "wriggled out" of payments into its company pension schemes as its troubles grew, while it carried on paying shareholder dividends and bosses' bonuses, say MPs.

The Work and Pensions Committee is questioning the way pension investments were managed at the collapsed outsourcing giant.

The schemes overall are in deficit.

But last year contributions to the pension funds were deferred until 2019, to help shore up the firm's finances. 

The committee has published a letter from Robin Ellison, chairman of trustees of Carillion's pension scheme, giving an account of the last few years and suggesting they have been left with a funding shortfall of around £990m.

The letter shows that pension trustees were "kept in the dark" about the state of Carillion's finances until late last year, the committee argues, and that dividends and bonuses were paid out at the expense of pension fund contributions."

Frank Field, chairman of the Work and Pensions Committee said:

"It's clear that Carillion has been trying to wriggle out of its obligations to its pensioners for the last 10 years." 

It seems to me, to use a non technical/financial phrase, that Carillion was a pile of shit run by (and for the benefit of) worms!

Carillion Liquidation

It beggars belief that a company with so many lucrative government contracts can so totally screw its finances up.

Let us trust and assume that the shareholders nail the board to the floor for this disgrace!