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)
Shenzhen Gwelltimes Technology Co., Ltd is the white-label vendor behind a whole constellation of Internet of Things networked home cameras sold as security cameras, baby monitors, pet monitors, and similar technologies; these cameras are designed to be monitored by their owners using an app, and because of farcically bad default passwords ("123") and other foolish […]
A group of elite Google Cloud engineers simply refused to put any work into an airgap system designed to let the company bid on sensitive military contracts, which undermined the company's ability to seek military work.
The largest, wealthiest cities in America are filling up with tent cities -- especially on the west coast, where East Coast style right-to-shelter laws are rare -- and if the spectacle of human misery doesn't alarm you, perhaps you should be thinking about communicable disease epidemics.
While it’s fun to watch Hollywood action heroes hack into cameras to spy on their targets, the thought of an actual cybercriminal using our own security devices against us is chilling for most. That’s what makes the iPM World HD 360 Degree 1080p Wireless IP Camera essential for anyone looking to deter digital and physical intruders […]
Spring came and went, but we’re not here to judge if you didn’t get around to cleaning up your living space. After all, taking the time to vacuum your floors can stretch out into a lengthy task when you’re constantly switching between power outlets and trying to jam your machine into those tight corners. With […]
Projects big and small always go smoother when the whole team is collaborating, but members tend to get lost once the conference call ends. Timelinr is a project management solution that helps keep your stakeholders, team, and clients in the loop with high-level project roadmaps and granular task boards. Subscriptions are available today for $49.99. […]