Governance News
2023/03/06 It is tough times at the checkout of John Lewis and its sister chain, Waitrose, as the staff-owned retail group is expected to report its second ever full-year loss later this month.
- The partnership had £1.4bn of debt at its last financial year end, including leases and pension obligations, against turnover of almost £11bn but £200m of that was due to be repaid late last year and £300m must be refinanced or paid down by 2025. https://bit.ly/3JaKb6y https://bit.ly/3Jait9Z
2022/12/08 Wirecard - Europe’s Enron? Germany’s biggest accounting scandal.
- Stakeholders’ confidence in reporting is undermined by alleged fraudulent behaviour. “Wirecard was forced to admit in June 2020 that 1.9 billion euros ($2 billion) were missing from its balance sheet.” https://reut.rs/3W14pTR
2022/12/03 What happened at FTX?
- “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” The crypto entrepreneur saw his £21bn empire crumble in just three days https://bit.ly/3W1GZgV