Carillion: Ex-Chairman Philip Green Takes Blame For Collapse

mikey4444 | 15:45 Tue 06th Feb 2018 | News

14 Answers

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

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

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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

Question Author

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

Question Author

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

Question Author

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!!