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Carillion owed huge sums when it went into liquidation in January [Image: Joe Giddens/PA].

It must be lovely, being an executive or shareholder at a big corporation like Carillion – knowing that you can siphon off as much cash as you want and when your firm goes under, the poor will bail you out.

Hundreds of millions of pounds went into executive/shareholder bank accounts in the years when Carillion was under-bidding for government contracts.

That was public money; it should have been used to provide services, not bolster some businessman’s bank balance.

And now public money is being used to underwrite loans to the contractors Carillion betrayed.

As far as This Writer can see, Carillion’s executives and shareholders committed fraud by under-bidding for contracts; they knew they couldn’t honour those contracts at those prices, and were hoping that the funds for future contracts would pay off their liabilities.

It was like a pyramid selling scheme; sooner or later it was bound to collapse.

Well, unless Her Majesty’s Government and everybody who works for it are really inept, we’ve got the names and details of everybody responsible for Carillion – and the company has a vast amount of assets that should be sold to pay off its debts.

I want to see those assets sold off, and prosecutions of executives and shareholders to recover the public money they took under false pretences, with the proceeds used to pay the £100 million the government is putting up at the moment.

Agreed?

Contractors hit by the collapse of Carillion will be able to apply for government-backed loans from high-street lenders as part of a £100m support package.

The business secretary, Greg Clark, said the British Business Bank would support high street lenders to give loans to small and medium-sized businesses, and individuals owed money by the failed outsourcing giant.

The move comes after three high street banks agreed to provide “tailored support” worth almost £250m to those facing a hit from the company’s collapse.

Carillion owed huge sums when it went into liquidation in January, putting thousands of jobs at risk.

The latest financial support measure will provide support to high-street lenders that might not otherwise give loans to Carillion contractors because they may lack the required assets for security.

Source: Carillion: government to back loans to firm’s struggling contractors | Business | The Guardian


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