PPRuNe Forums - View Single Post - Defence support contractor Carillion fighting to stay afloat
Old 7th Jan 2018, 06:18
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Heathrow Harry
 
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Apparently they have serious cash flow problems due to late payments by QATAR for the World Cup work....

With the spat ongoing with the UAE & Saudi a lot of Qatar money is staying close to home and they are deferring payments on all sorts of deals -

"
One of the biggest problem projects was a $650m development preparing Qatar for the 2022 FIFA World Cup.
The client, Qatar Foundation-backed Msheireb, had not handed over any cash for a year. Carillion believed it was owed £200m.
The Qataris, concerned at the prospect of Carillion not being able to complete the works, thought they were owed money – and withheld payment.
Attendees of cash conference calls, which were now happening three times a week instead of the normal two times a month, heard first-hand of the trouble involved in extracting cash from Middle East clients, saying simply that it appeared “impossible”."
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