PracticePeople In PracticeWatchdog blasts financial management at Dome

Watchdog blasts financial management at Dome

Financial management at the Millennium Dome has been blasted by a damning report released by the National Audit Office this morning, which also revealed that its directors sought indemnity from the government against trading insolvently in June this year.

NAO director Jeremy Coleman said company doctor David James, brought in this September to manage the troubled project, believed the New Millennium Experience Company was insolvent in February – long before PricewaterhouseCoopers reported the company would have gone bust without further lottery money.

The NAO also said that directors of the NMEC sought indemnity from the government against being prosecuted or disciplined for trading insolvently in June 2000.

The damming report did not blame particular parties but highlighted the inadequate financial controls at the attraction as a major cause of its difficulties. ‘The financial management was not robust,’ said Coleman.

The report also criticised the lack of any contingency plan and wind up procedures.

Finance director Neil Spence resigned in September.

Ex-Dome FD faces Commons quiz

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor