Back home in Queensland, while I doubt he will spend any or much time in gaol, at least this scum was sentenced to imprisonment for stealing from his employees by underpaying them. This is rife in Australia and should be treated the same as an employee stealing from the employer would be.
The company, which managed huge construction projects and provided government services ranging from school meals to prison maintenance and NHS cleaning, slumped into insolvency in January. More than 2,000 people have since been made redundant.
What MPs said about the collapse of Carillion and its board.
- “Even as the company very publicly began to unravel, the board was concerned with increasing and protecting generous executive bonuses.”
- Finance director Richard Adam “was the architect of Carillion’s aggressive accounting policies and resolutely refused to make adequate contributions to the company’s pension schemes, which he considered a “waste of money”.
- “The mystery is not that it collapsed, but that it lasted so long.”
- “We have no confidence in our regulators.”
- “The perception of Carillion as a healthy and successful company was in no small part due to its directors’ determination to increase the dividend paid each year, come what may.”
- “Honouring pension obligations over decades to come was of little interest to a myopic board who thought of little beyond their next market statement.”
- “Carillion relied on its suppliers to provide materials, services and support across its contracts, but treated them with contempt.”
- “The board was either negligently ignorant of the rotten culture at Carillion or complicit in it.”
- Richard Adam’s sale of £776,000 shares “were the actions of a man who knew exactly where the company was heading once it was no longer propped up by his accounting tricks”.
- “Carillion could happen again, and soon.”