The state-backed Royal Bank of Scotland has been accused of scuppering an 11th-hour deal to save Carillion.
Keith Cochrane, the interim chief executive of Carillion, has claimed that the bank took unilateral action that in the companys view undermined the groups efforts to conserve cash. He made the claim in a witness statement submitted to the High Court as part of the companys insolvency process.
The document shows Carillion had just £29 million of cash reserves when it collapsed and also reveals the last-ditch efforts by its board over Christmas and the new year to reach a rescue deal.
Mr Cochrane, 52, a chartered accountant and the former boss of Weir, the engineering group, and Stagecoach, the transport company, was brought in to ru…
Read the full article at: https://www.thetimes.co.uk/article/rbs-ruined-rescue-deal-by-changing-the-rules-says-chief-p86kmtxp6
