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| Carillion: Ex-chairman Philip Green takes blame for collapse | Carillion: Ex-chairman Philip Green takes blame for collapse |
| (35 minutes later) | |
| Former Carillion chairman Philip Green has said he takes the blame for the collapse of the company last month. | Former Carillion chairman Philip Green has said he takes the blame for the collapse of the company last month. |
| Mr Green was in the post when the construction giant, which provided services for schools, hospitals and prisons, went into liquidation. | Mr Green was in the post when the construction giant, which provided services for schools, hospitals and prisons, went into liquidation. |
| He said his responsibility was "full and complete, total - no question in my mind about that. Not necessarily culpability but full responsibility". | He said his responsibility was "full and complete, total - no question in my mind about that. Not necessarily culpability but full responsibility". |
| The Work and Pensions Committee has been quizzing former directors. | The Work and Pensions Committee has been quizzing former directors. |
| Carillion's collapse last month sent shockwaves through the building and construction sector, casting a shadow over a number of public sector projects. | |
| As the MPs were questioning the former directors, the Royal Liverpool Hospital announced its opening would be delayed due to Carillion's demise. | |
| 'Surprised' | |
| Earlier in the hearing, the company's former finance director, Zafar Khan, denied being "asleep at the wheel" during his time in the role. | |
| Mr Khan was not working for the company when it collapsed, having been sacked last September, but he said: "I believe I did everything that I could have done. | Mr Khan was not working for the company when it collapsed, having been sacked last September, but he said: "I believe I did everything that I could have done. |
| "As soon as I came into the role, we were looking to tackle the issues. The key focus of my time in the role was to bring net debt down. | "As soon as I came into the role, we were looking to tackle the issues. The key focus of my time in the role was to bring net debt down. |
| "I was surprised at the outcome that eventually came to pass." | "I was surprised at the outcome that eventually came to pass." |
| Carillion bosses questioned | Carillion bosses questioned |
| Analysis by Simon Jack, BBC Business Editor | Analysis by Simon Jack, BBC Business Editor |
| Regret, surprise and anger were the emotions on show as former Carillion executives faced a grilling from MPs about the company's collapse. | Regret, surprise and anger were the emotions on show as former Carillion executives faced a grilling from MPs about the company's collapse. |
| All those questioned spoke of their surprise at the speed at which the company's financial position had deteriorated. | All those questioned spoke of their surprise at the speed at which the company's financial position had deteriorated. |
| That didn't stop them signing off on a dividend that the former finance chief, Zafar Khan, said should not have been paid. | That didn't stop them signing off on a dividend that the former finance chief, Zafar Khan, said should not have been paid. |
| All agreed the level of debt meant the company was ill equipped to deal with these nasty surprises. | All agreed the level of debt meant the company was ill equipped to deal with these nasty surprises. |
| The anger came from MPs including co-chair Rachel Reeves who launched an emotional attack on executives who had banked years of pay and bonuses while employees and pensioners face joblessness and reduced payouts. | |
| The auditors who passed the company fit just three months before a crippling profit warning will approach this committee with some trepidation. | The auditors who passed the company fit just three months before a crippling profit warning will approach this committee with some trepidation. |
| In a stormy committee session, Mr Khan said he "spooked the board" when he reviewed the company's contracts. | In a stormy committee session, Mr Khan said he "spooked the board" when he reviewed the company's contracts. |
| But former Carillion chief executive Keith Cochrane told MPs that was not the reason for Mr Khan's dismissal. | But former Carillion chief executive Keith Cochrane told MPs that was not the reason for Mr Khan's dismissal. |
| Mr Cochrane accepted that Mr Khan's findings were correct but told the committee: "Our concern was whether he was fully on top of all the cashflow arrangements and close to what was actually happening." | Mr Cochrane accepted that Mr Khan's findings were correct but told the committee: "Our concern was whether he was fully on top of all the cashflow arrangements and close to what was actually happening." |
| He added that Mr Khan's dismissal happened at the same time as other senior management changes. | He added that Mr Khan's dismissal happened at the same time as other senior management changes. |
| Mr Cochrane, who only took charge last July, said he was "truly sorry" about the company's collapse. | Mr Cochrane, who only took charge last July, said he was "truly sorry" about the company's collapse. |
| "It was the worst possible outcome. This was a business worth fighting for. That's what I sought to do during my time as chief executive," he said. | "It was the worst possible outcome. This was a business worth fighting for. That's what I sought to do during my time as chief executive," he said. |
| The previous chief executive Richard Howson ran the company for six years before stepping down after a profit warning. | The previous chief executive Richard Howson ran the company for six years before stepping down after a profit warning. |
| Mr Howson told the committee that towards the end of his time in charge, he "felt like a bailiff" trying to collect money. | Mr Howson told the committee that towards the end of his time in charge, he "felt like a bailiff" trying to collect money. |
| He added: "The amount of energy and effort to make sure there is enough cashflow each month is extraordinary." | He added: "The amount of energy and effort to make sure there is enough cashflow each month is extraordinary." |
| Mr Howson said he believed the company was well run, but had difficulties getting paid. | Mr Howson said he believed the company was well run, but had difficulties getting paid. |
| In particular he noted that Carillion was owed £200m for work on a project in Qatar. | In particular he noted that Carillion was owed £200m for work on a project in Qatar. |
| He described a project in Qatar for which Carillion was owed around £200m at the time he was replaced by Mr Cochrane and which has now been put back until the end of this year. | He described a project in Qatar for which Carillion was owed around £200m at the time he was replaced by Mr Cochrane and which has now been put back until the end of this year. |
| Carillion employed 43,000 people, including around 20,000 in the UK. | Carillion employed 43,000 people, including around 20,000 in the UK. |
| This month alone, more than 800 job losses have been announced and Mr Cochrane said: "Do I wish we'd done something about it sooner? Absolutely. | This month alone, more than 800 job losses have been announced and Mr Cochrane said: "Do I wish we'd done something about it sooner? Absolutely. |
| "Clearly with the benefit of hindsight should the board have been asking further, more probing questions? Perhaps." | "Clearly with the benefit of hindsight should the board have been asking further, more probing questions? Perhaps." |
| Do you work for Carillion? Do you have any concerns about your job or project? You can share your experience by emailing haveyoursay@bbc.co.uk. | Do you work for Carillion? Do you have any concerns about your job or project? You can share your experience by emailing haveyoursay@bbc.co.uk. |
| Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: | Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: |
| Or use the form below | Or use the form below |