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Anorak | Mind The Crap: Metronet Brings More Trouble To The London Underground

Mind The Crap: Metronet Brings More Trouble To The London Underground

by | 18th, July 2007

HERE is another story which will have long legs, will run and run, and could very well mean severe embarrassment all round. Who would like to take the wager the public is not going to foot the bill in an enormous way?

The implications are vast and I’m also willing to bet a lot of Central Government and Local Authority officials responsible for London’s vital Underground links are today on a rapid gardening holiday.

The most telling points will be who Premier Gordon Brown and London’s Mayor Ken Livingstone push to the front to trot out the party line and who gets the blame??

Why?

Well, the firm which maintains most of London Underground has confirmed it is set to go into administration, sparking a crisis over the multibillion-pound upgrade of the Tube network.

Metronet is to give up its two lucrative contracts to revamp two-thirds of the underground system after conceding defeat over a black hole in its finances.

Accountant Ernst & Young has been lined up to take over the running of Metronet, which is owned by private companies Bombardier, Thames Water, EDF, WS Atkins and Balfour Beatty.

Those companies are not short of a bob or two and have some top accountants In-House.

So what went wrong with the tendering and financial protection stages of the Tube contracts??

Time will tell…or not.

From AGW in the Anorak Forums 



Posted: 18th, July 2007 | In: Reviews Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink