Kier shares are one of the biggest holdings of Woodford Equity Income fund.
The outsourcing & construction giant with 70,000 employees is “circling the drain.”
“Cash retentions” by large companies come under attack in the UK.
Use of this financial instrument has ballooned. No one knows to what extent because there’s no disclosure. But it was a “key contributor” to the sudden collapse of outsourcing giant Carillion.
After scandals, collapses, and the government’s off-balance-sheet debt.
The “oligarchy” controls the standard-setters, ensuring rules of the game suit it. The long reach of the bean counters also extends deep into the heart of government.
Two large British outsourcers are also on the verge of collapse, and the vultures are circling.
The construction & services giant collapsed even as KPMG signed off on its financial statements; now they deny any responsibility.
“Not another Carillion,” says UK government to soothe frazzled nerves, as entire industry is teetering.
Next Arthur Andersen? No, the “Final Four” audit firms are “too big to replace.”