Eric Tracey, the Deloitte & Touche partner brought in by troubled Tube consortium player Amey, continued intensive discussions with the company's board this week even as the infrastructure manager hit new troubles over a promised £35m refund for PPP bidding costs.
Link: Deloitte partner joins Amey as FD
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.
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