MP Clive Lewis claims RBS “misled” MPs over GRG, and the FCA’s summary is “sanitised”, as he reveals he has full report February 6, 2018 Labour MP Clive Lewis has accused Royal Bank of Scotland executives of “misleading” MPs and blasted the FCA for producing a “sanitised” summary of its internal report on the treatment of business customers by RBS-GRG. Speaking under Parliamentary Privilege, the shadow Treasury minister revealed he had been handed an redacted version of the FCA’s own [...]
Dragons’ Den star Julie Meyer’s bust venture capital firm Ariadne Capital owed almost £2m to employees and advisers, administrators’ report reveals February 1, 2018 The venture capital and corporate finance firm of former Dragons’ Den star Julie Meyer, which was put into administration at the end of last year, owes almost £2m to unpaid employees and advisers, City A.M. can reveal. Ariadne Capital, which was founded and owned by TV personality Julie Meyer, owes £530,692 to 14 current and [...]
Dragons’ Den star’s bust corporate finance firm owed almost £2m to employees and advisers, administrators’ report reveals February 1, 2018 The corporate finance firm of former Dragons' Den star Julie Meyer, which was put into administration at the end of last year, owes almost £2m to unpaid employees and advisers, City A.M. can reveal. Ariadne Capital, which was founded and owned by TV personality Julie Meyer, owes £530,692 to 14 current and former employees, according [...]
Carillion collapse poses big questions for investors, Jes Staley’s FCA delay goes on and The Range floats chairs January 26, 2018 When in doubt, blame the accountants: a mantra which has gathered momentum after virtually every big corporate collapse since the financial crisis. Carillion is no exception. It seems obvious to ask now why KPMG signed off the construction group’s accounts in March without the merest hint of anxiety. Hindsight being a wonderful thing, the wafer-thin [...]
MPs haul Carillion directors in for grilling over firm’s collapse January 24, 2018 Two of the Commons’ most powerful committees have ordered former Carillion directors – including ex-chairman Philip Green – to give evidence as part of a joint inquiry into the construction giant’s collapse. The Work and Pensions Committee, headed by Labour’s Frank Field, and the BEIS Committee, headed by his colleague Rachel Reeves, have launched a [...]
Carillion cost: The government is paying millions of pounds a day to keep public sector projects going January 23, 2018 Hundreds of Carillion’s public sector contracts are costing the government millions of pounds in temporary funding every day, according to official statistics. Carillion’s failure just over a week ago prompted the government to step in and use Treasury funds to ensure public sector works continued. The failed contractor held 450 contracts with the UK government, [...]
Banks launch £225m Carillion emergency fund after government task force “challenge” | City A.M. January 18, 2018 Three of Carillion’s former lenders today made £225m of assistance available to small businesses hit by the collapse of the insolvent contractor. HSBC opened a £100m fund, Royal Bank of Scotland made £75m available and Lloyds launched £50m of help, it was announced this evening. After Carillion’s collapse on Monday morning, the government stepped in [...]
RBS-GRG memo “Just Hit Budget” told staff that clients need to “hang themselves” and “basket cases” can be “remunerative” January 17, 2018 RBS staff were advised by a colleague to “let [small business] customers hang themselves” in the wake of the financial crisis, according to an internal memo published yesterday. Employees at the bank’s now defunct restructuring unit GRG were encouraged to raise fees to a level that clients “normally cannot afford”, in order to “leaverage [sic] [...]
Screws turn on Carillion executives as business secretary Greg Clark weighs in on misconduct probe January 17, 2018 Pressure was mounting on Carillion’s former top brass last night after the government promised a thorough investigation into the actions of the failed firm’s executives. A probe by the Official Receiver was ordered to be fast-tracked and widened by business secretary Greg Clark. “Any evidence of misconduct will be taken very seriously,” he said. Cabinet [...]
Carillion crisis: Millions paid to former execs “does no good to the reputation of UK business” January 15, 2018 Bumper payouts to top former execs at collapsed contractor Carillion have put the reputation of Britain’s top bosses on the line, the Institute of Directors has warned. Carillion fell into liquidation this morning after eleventh-hour talks failed to save the debt-laden contractor. The insolvency marked the end to a tumultuous six months, kicked off when [...]