Amey is a key player in the Tube Line Group, which is set to deliver infrastructure maintenance for the Jubilee, Northern and Piccadilly lines.
After EC approval, the government granted it a written assurance to refund £35m PPP bidding costs, which Amey used to secure a £11.4m loan from the Bank of Scotland.
Mayor Ken Livingston argues this amounts to ‘state aid’ and is attempting to use it to hold up PFI deals. The ‘state aid’ claim has yet to be argued, but an Amey spokesman said: ‘I won’t say it won’t be contested’.
Amey last week told its shareholders it could not pay a dividend and revealed it is in talks with banks about loan covenants, effectively putting itself up for sale, including PFI projects worth £70m.
When former FD Michael Kayser recently left the company after only five weeks in the job, Deloitte’s Tracey stepped in to sort out the troubled group’s accounting issues.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements