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Carillion plc goes bust ?

 
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Rocko



Joined: 05 Apr 2013
Posts: 737

Posted: Tue Jan 16, 2018 8:59 pm    Post subject: Carillion plc goes bust ? Reply with quote

I feel we need to be discussing this one too. Yes it is UK. But is it more of a symptom of what might be brewing in the USA too.

It is a staggering story of Capitalism and Stock Ownership gone wrong.

Carillion plc was listed on the Stock Exchange in July 1999, just after a Lunar Eclipse.

But Carillion plc was an amalgemation of many well know Contruction Companies.

Like many Industries they "grew" their value by acquiring rivals.

But in the end it ALL got pretty scandalous from what the News says.

Dividends were being paid even when Profit Warning were being made.

They pushed their Invoice payment out to 120 days, and it seems even went as far as demanding payments from their Sub-Contractors in order to settle Accounts.

Sub-Contractors seem to have had to pay for the privilege of doing Carillion's work.

I'm sure some of those practices are the reality for small Sub-Contractors but you can see why the likes of Jeremy Corbyn are standing by in the wings.

Many Sub-Contractors have been left with 1/3rd of a Year's Income unpaid.

We'll see if any of the Board get prosecuted, or whether then "can't remember" agreeing the Dividend increases and the Pension Fund Contribution reductions.

H
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Rocko



Joined: 05 Apr 2013
Posts: 737

Posted: Wed Jan 31, 2018 8:20 pm    Post subject: Reply with quote

Although they are playing down another big company has put out a profit warning and that led to a 40% drop in its Share price.

Capita ?

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