I was incredibly pleased to be appointed to the parliamentary inquiry into the collapse of Carillion.
Carillion went under causing billions of pounds worth of damage to our economy and wrecking the livelihoods and pensions of thousands. It was shocking and we need to know what went wrong.
I have been staggered in our hearings so far. The regulator, the FRC, knew the company had problems but lacked the power and inclination to act. It seems that the very most senior staff were either acting like amateurs and incapable of seeing the danger their company was in or quitting and selling their shares before the bubble burst.
Here is my questioning of KPMG who where their external auditors. You’re not going to believe this, but no=one seemed to know if the company was owed £200m, or owed £200m. It caused me to spit out what was on the tip of my tongue which ended up being covered quite widely in the press.
And this is just the beginning, the inquiry continues. It’s so important that parliament looks into this. It seems regulators and government lack the drive or independence to truly hold the right people to account. Please let me know what you think, Peter
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