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Closing Bell

G4S CEO Apologizes To House Of Commons Over Olympic Security

G4S CEO Nick Buckles in an appearance before the U.K. House of Commons “repeatedly apologised today for the Olympic Games security fiasco, but insisted the company would still claim” its US$89.2M “management fee” for the contract. Buckles said, "We still expect to deliver a significant number of staff" (INDEPENDENT.co.uk, 7/17). Buckles said that G4S is now aiming to “provide a minimum of 7,000 security guards, 3,400 less than its contractual obligation, but can only currently deploy 5,000 accredited staff” (THETIMES.co.uk, 7/17).

LOCOG Chair Sebastian Coe today insisted that security “would not be affected” despite G4S' failure to provide enough staff. Coe: “The numbers really haven't changed, it's really simply about the mix of security on the park, at this very moment our teams are working alongside G4S to ensure that they deliver as many of those guards as they possibly can” (INDEPENDENT.co.uk, 7/17).

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