Administration question

[timbo1234]

Very naive view. The auditors PWC are currently under investigation for signing off accounts of companies that within months went into administration or had major financial irregularities. One of them was the major defence contractor Babcock. The administrator who will be overseen by the BEIS Parliamentary Committee will be looking at every detail of the operation. That Committee will be well known to three of the major players from RM.

So you think Royal mail have been cooking the books? I ain't their biggest fan either but very doubtful a company as big as RM are doing that. Even though st & co are self serving in terms of profits, that's very different to fraud. Cherry picking examples you gave are rare.
Think you've been watching a few too many episodes of breaking bad son.

There are lots of examples I could use. My point is that the board and the senior managers appear to have a hidden agenda. If the administrator finds decisions made by them have caused the financial crisis then they will be investigated. The administrator will not just pass over historic events he or she will examine every aspect of the past and present in order to decide the future. I don't even know what you're talking about in your last sentence.

[Ppat98]

There are lots of examples I could use. My point is that the board and the senior managers appear to have a hidden agenda. If the administrator finds decisions made by them have caused the financial crisis then they will be investigated. The administrator will not just pass over historic events he or she will examine every aspect of the past and present in order to decide the future. I don't even know what you're talking about in your last sentence.

Yes I believe that have a agenda aswell. We all do. Your making it out as though they are commiting Fraud though. They've already been exposed for self serving decisions in that recent committee. St & the board switched things around for them to receive bonuses easier. However greedy that is, they weren't breaking the law. Doubt they are stupid enough to risk doing anything illegal.

And the reason for the financial crisis with RM has already been spoke about. Instead of putting the profits made during covid to good use, they paid shareholders millions in dividends.

The last sentence is joke referring to a crime series called breaking bad. Best series out there

[redlen]

Although they put profits during COVID to pay obscene dividends, share buyback etc, legally they did nothing wrong as those profits were on the previous 12 months results.

The only fault with the board was not taking into account the day the COVID kit contracts ended and loss of guaranteed revenue.

Morally they should have an emergency fund but the negotiations and dispute at the moment are for the next five year business plan and future profit forecasts, so it is erroneous to bring in the previous dividends paid.

[timbo1234]

There are lots of examples I could use. My point is that the board and the senior managers appear to have a hidden agenda. If the administrator finds decisions made by them have caused the financial crisis then they will be investigated. The administrator will not just pass over historic events he or she will examine every aspect of the past and present in order to decide the future. I don't even know what you're talking about in your last sentence.

Yes I believe that have a agenda aswell. We all do. Your making it out as though they are commiting Fraud though. They've already been exposed for self serving decisions in that recent committee. St & the board switched things around for them to receive bonuses easier. However greedy that is, they weren't breaking the law. Doubt they are stupid enough to risk doing anything illegal.

And the reason for the financial crisis with RM has already been spoke about. Instead of putting the profits made during covid to good use, they paid shareholders millions in dividends.

The last sentence is joke referring to a crime series called breaking bad. Best series out there

I am not saying they have done anything illegal. It is the decisions that have been taken and why and by whom that will be investigated. If administration is overseen by a government appointed individual who will be overseen by the BEIS then some of these people at RM will be anxious to protect themselves whilst pulling up the ladder.

[stevejm]

I am not saying they have done anything illegal. It is the decisions that have been taken and why and by whom that will be investigated. If administration is overseen by a government appointed individual who will be overseen by the BEIS then some of these people at RM will be anxious to protect themselves whilst pulling up the ladder.

I'm not sure it is the administrator's job to investigate. Maybe they would pass info to the BEIS but they have been shown to be impotent to take action over actions committed by private companies - prime example P&O whose CEO stood before the BEIS and openly stated he had no regrets and would do the same thing again.

[timbo1234]

I am not saying they have done anything illegal. It is the decisions that have been taken and why and by whom that will be investigated. If administration is overseen by a government appointed individual who will be overseen by the BEIS then some of these people at RM will be anxious to protect themselves whilst pulling up the ladder.

I'm not sure it is the administrator's job to investigate. Maybe they would pass info to the BEIS but they have been shown to be impotent to take action over actions committed by private companies - prime example P&O whose CEO stood before the BEIS and openly stated he had no regrets and would do the same thing again.

There is a big difference between RM and P&O. RM is an officially designated part of the UK infrastructure none of which is supposed to fail as it provides an essential service. You can read about it , it's quite interesting and it complicates matters for any administration purpose.

[Ppat98]

I am not saying they have done anything illegal. It is the decisions that have been taken and why and by whom that will be investigated. If administration is overseen by a government appointed individual who will be overseen by the BEIS then some of these people at RM will be anxious to protect themselves whilst pulling up the ladder.

Point is they aren't gambling their books being scrutinized if they went into administration. Reason being they get scrutinized on a quarterly basis. You said it's their decisions that will be investigated. That's what happened in the select committee. Probably is a few more things to uncover, doubt RM care though.

[daveyeff]

in May last year they announced 750M in profits. 8 weeks later in July the day after we won the vote for industrial action, they announced they were losing 1M pounds a day. doesn't ANYBODY think that is astounding? 750M to zero in 8 weeks? if thats not ''cooking the books'' i don't know what is. creative accounting i think they call it.

[clashcityrocker]

in May last year they announced 750M in profits. 8 weeks later in July the day after we won the vote for industrial action, they announced they were losing 1M pounds a day.

We have been over this many times.
IDS announced 750M profits which was roughly 350M RM and 400M GLS.

They announced RM were losing 1M/day which after the pandemic parcel boom was over and the Covid kit deal had finished wasn't so surprising.

[k979aaa]

in May last year they announced 750M in profits. 8 weeks later in July the day after we won the vote for industrial action, they announced they were losing 1M pounds a day.

We have been over this many times.
IDS announced 750M profits which was roughly 350M RM and 400M GLS.

They announced RM were losing 1M/day which after the pandemic parcel boom was over and the Covid kit deal had finished wasn't so surprising.

Giving £567 Million in share dividends and the whole war by hire vans and overpaid agency staff and management bonuses and the electric vans and infrastructure that managers freely use to charge their own cars! Did not help. We are where we are by the decisions of people of wanton greed avarice and pure incompetence and willful neglect of company law!

[daveyeff]

in May last year they announced 750M in profits. 8 weeks later in July the day after we won the vote for industrial action, they announced they were losing 1M pounds a day.

We have been over this many times.
IDS announced 750M profits which was roughly 350M RM and 400M GLS.

They announced RM were losing 1M/day which after the pandemic parcel boom was over and the Covid kit deal had finished wasn't so surprising.

You can go over it many times if you want.....call me cynical but i just do not believe it....just look at all the stuff thats failing and the masses of packets coming through..they are total gobshites.