Carillion: Ex-Chairman Philip Green Takes Blame For Collapse

[mikey4444]

http://www.bbc.co.uk/news/business-42958507

A complete Mea Culpa....Well done ....what a refreshing change from his more famous namesake !

[Gromit]

Not followed it, but I don’t think it was mea culpa.
He said he was responsible, which is undeniable because he was in charge when it collapsed. He did not say it was all my fault.

[mikey4444]

Gromit.... The ones involved with BHS haven't admitted even this, so when dealing with these greedy fat cats, its start at least.

[sp1814]

A lesson for all of us - be suspicious of any company run by someone called Philip Green.

[mikey4444]

To back track a bit on what I said earlier, these executives of this company have declined to offer to pay back any of of the bonuses that they have been paid, because that said that they had been "rightly earned"

Rightly earned ?

By what measure of rightness is that then ?

[gulliver1]

Mikey , is this a case of One for all , or all for One!.

[chrissa1]

Apparently, the company was owed £20million by Qatar, and this had been owing the over two years!! No company can survive with debts of that magnitude and timescale.

[mikey4444]

Chrissa....yes, you are correct of course. But it didn't seem to stop the Executives and the Shareholders taking huge sums out of Carillion, to the detriment of the Company, its workers, and of the Company Pension Fund.

Reward the fat, greedy cats, at the expense of all the rest.

It stinks to high heaven.

[chrissa1]

True, true mikey.

[Gromit]

Carillon has debts of £500 million. Do the £20 million did not see them off.

[chrissa1]

Well I realise that, Gromit!! However, if the management structured the business so that the situation with Qatar was allowed to happen ie, “we’ll build your buildings and then just pay us when we’ve finished” then that is plainly, bad business.

My late husband’s business won contracts worldwide, and our quotes were given on at least, payment of 50% on acceptance and the total payable before we completed.

Common sense.

Not done by Carillion, obviously.

They were also guilty of withholding large payments to their ”subbies” yet, still paid their shareholders and executives massive amounts. Criminal!!

[Zacs-Master]

Your husbands company got people to pay before they’d finished the work! I simply don’t believe that. There’s always a retainer.

[chrissa1]

We supplied specialist security windows and facades to “dangerous” places in the world. Trust me, we were 95% paid before we shipped the goods.

[Zacs-Master]

Ah. 95%. Completely different to ‘total payable’.

[chrissa1]

A darn sight better than 0%, especially when you’re talking about £20M, Gromit.