More Private Security and Less Accountability
‘Are we at all surpised’? Ever since the British Government began selling off the country through PFI (Private Finance Initiatives) in the late 1980s we have seen far less responsibility. Instead of preported superior efficiency and lower costs to the regular person we have witnessed the opposite. This same game of handing over formerly public assets to private companies has been played through P3s (Public-Private Enterprises) throughout the West. The first western country to see ‘full application’ of P3 experimentation was New Zealand beginning in 1990.
Security Giant G4S hit by allegations of fraud and insider trading
PUBLISHED:22:30 GMT, 24 February 2014| UPDATED:22:30 GMT, 24 February 2014
G4S was yesterday rocked by allegations of fraud and insider dealing, writes Peter Campbell.
An ex-employee of the scandal-hit private security giant has claimed in court papers that former chief executive Nick Buckles sold a tranche of shares straight after telling divisional bosses to ‘post the best possible results’.
Former financial director Malcolm Batki, in papers alleging unfair dismissal in 2011, also said the group shifted profits between divisions to bolster its case when negotiating taxpayer-funded contracts.
Scandal-hit: G4S is accused of concealing its true profitability when negotiating contracts with the MoJ
He claimed the group incurred a £4million charge with its prisons unit to conceal its true profitability when negotiating contracts with the Ministry of Justice.
Saying it was less profitable than it was would have allowed the company to demand higher fees for a contract. This is now being investigated by the Serious Fraud Office, which is already looking into the company over two other matters.
G4S said: ‘Regrettably, Mr Bakti has been pursuing G4S unsuccessfully in legal proceedings since his role was made redundant in January 2011.
‘As for the share dealing in question, we can confirm that, in this particular case, the trading was authorised in accordance with the G4S share dealing code.’