Last December, the accounting giant EY presented a proposal to the failing mega-business Carillion to break it up and sell its profitable parts, keeping it from collapsing and sticking the British taxpayer with billions of pounds’ worth of unfunded pension liabilities.
Carillion’s directors decided not to take the advice, which would have generated at least £364m to offset the state’s expenses from the collapse, in part because ministers in Theresa May’s Conservative government “did not believe it appropriate to offer business advice to directors.”
The Cabinet Office confirmed it had seen the options presented by EY but declined to comment on how it responded. A spokesman said: “Throughout this process, the government has been clear that its priority is to ensure that public services continue to run properly, and we regularly meet with our strategic suppliers and monitor their financial health. Since the collapse of Carillion, our plans have ensured that public services can continue to run as normal.”
But the Guardian understands that government officials, who were holding weekly meetings to monitor Carillion’s health, did not believe it appropriate to offer business advice to directors.
A source who was present at discussions between the company, government and the pension trustees said: “I think they [the government] thought that if they could get to the end of January, they could find new finance and the company would survive, maybe in a different structure.
Government let slip chance to retrieve £364m from Carillion | Business [Rob Davies/The Guardian]
(via Naked Capitalism)
Images Money, CC-BY)
The Seasteading Institute is a group of libertarian separatists who dreamed of building an autonomous, contract-governed mini-state on a set of floating platforms in the south Tahiti lagoon of Atimaono; only one problem: they didn’t renew their contract with French Polynesia to build their platforms.
On Tuesday, the CEO of UK certificate reseller Trustico decided to settle an argument with Digicert executive VP Jeremy Rowley by emailing him the private keys for 23,000 TLS certificates that had been issued by Symantec’s disgraced Certificate Authority, to prove they had been compromised.
Trump is an excellent businessman and the Republicans are really good with money: if you doubt it, just take a gander at the Urban Institute’s report on the costs and effects of Trumpcare: the US government will spend $33 billion more as a result of GOP policies, and cover 8.9 million fewer Americans, and those […]
Coding is one of the most valuable skills to have in today’s job market, but with the plethora of programming languages out there, picking the right ones to learn first can be challenging, not to mention expensive. However, there are resources geared toward getting beginners up to speed with the essential tools of the coding […]
One of the biggest struggles for jet-setter is managing to charge their devices abroad. But, thankfully, the OMNIA TA502 Travel Adapter is here to put an end to that. This pint-sized charger lets you power up your devices in more than 150 countries, and it’s now on sale in the Boing Boing Store. With this travel-sized charger, […]
While many tech innovations tend to follow a boom and bust cycle, it’s safe to say that cloud technology is here to stay. As more companies go digital and leverage data to boost their bottom lines, demand is high for skilled cloud professionals capable of managing it all. The Amazon Web Services Certification Training Mega Bundle […]