$275m Qatar dispute said to be part of Carillion downfall

      Published on Thursday, 25 January , 2018      52 Views     
$275m Qatar dispute said to be part of Carillion downfall


A £200 million ($275 million) dispute in Qatar over a project linked to the 2022 World Cup reportedly contributed to the financial woes of UK-based contracting giant Carillion.



Carillion,

which has a variety of private and public service contracts in Britain and employs 43,000 staff worldwide, announced its immediate liquidation on Monday after the heavily-indebted company failed to secure a last-minute financial rescue by the government and banks.

According to the UK-based Times newspaper,

when the company issued its first profit warning last July, one of its most problematic schemes was in the Gulf, where Carillion employs 19,000 workers.

Carillion reported announced that £314 million of a £845 million hole in its finances was attributed to work in the Middle East and the Gulf.

The newspaper said the dispute related to a contract won in 2011 as a joint venture with a Qatari company, for a 2022 World Cup related project backed by the Qatar Foundation.

The Times reported that Carillion executives believe they are owed £200 million for work it completed but the Foundation claimed it is owed money by Carillion over failings to fulfil contractual obligations.



Carillion had also worked on the Dubai Canal and Oman’s Royal Opera House.

Keywords:
Category Business | 2018/01/25 latest update at 11:04 AM
Source : | Photocredit :
53 Views
Comments Add comment



Related Articles

The editorial staff of Qatar Today would like to give all of its readers from Gulf and Qatar and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Qatar Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Qatar, the Gulf and the world.


HH the Amir Inaugurates Water Security Reservoirs Project Emir

HH the Amir Inaugurates Water Security Reservoirs Project

HH the Amir Sheikh Tamim bin Hamad Al Thani inaugurated the Water Security Mega Reservoirs Project, during a…

Qatar Emir Skips Gulf Meet Hosted By Saudi Arabia Doha News

Qatar Emir Skips Gulf Meet Hosted By Saudi Arabia

Qatar’s emir skipped a summit in Saudi Arabia on Sunday with fellow Arab Gulf leaders whose boycott of…

Qatar’s emir receives invite from Saudi king to attend Gulf Arab summit Emir

Qatar’s emir receives invite from Saudi king to attend Gulf Arab summit

Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, has received a written invitation from Saudi Arabia’s King Salman…

Turkey’s Erdogan hails Qatar emir as ‘friend in times of trouble’ Emir

Turkey’s Erdogan hails Qatar emir as ‘friend in times of trouble’

Turkey’s president hailed close ally Qatar as a “friend in times of trouble” as he met with the…

GULF TV

Popular in GULF TV

About DFI

2840 Views

Doha Film Institute is dedicated to film appreciation, education, and building a dynamic film industry in Qatar that…

Latest videos in GULF TV

Events

Qatar Events

Lifestyle

Life

Culture

Culture News

Sport

Sport

Science & Technology

Science & Technology

Government

Government News