Starting Five Hangin' With ... Pascha Naderi-Nejad China Most Promising Market For Bayern DFB-Pokal Sponsors Largely Unknown FIA Inspects Ferrari Wind Tunnel AEG, Bahamas Sign Agreement Louis Vuitton Extends America's Cup Deal Arrests Unlikely To Rattle FIFA's Finances Europa League Final Draws 2.6 Million Executive Transactions
SBD Global/September 12, 2012/OlympicsPrint All
Security firm G4S has not been paid for its Olympic Games contract since July 13, shortly after it emerged that it "was unable to provide enough security guards for the Games," according to Kuchler & Warrell of the FINANCIAL TIMES. LOCOG CEO Paul Deighton told MPs the company had been paid £89-£90M ($143-145M) by organizers so far, but that the rest of the £236M ($379M) contract was “up for negotiation.” Deighton said that "on the best days," G4S was down only 4% on the number of security officers it was contracted to provide, but "on the worst days," it was down 35%. G4S CEO Nick Buckles said that in evidence to the committee the company "still expected to be paid in full for the Olympics contract" (FINANCIAL TIMES, 9/11). In London, Gibson & Travis reported that LOCOG Chair Sebastian Coe has told MPs G4S "failed to understand the size and complexity" of the Olympic security job and was "caught out by its sheer scale." Coe told the Commons home affairs select committee inquiry into Olympic security that the G4S failure was the Olympic organizers' "largest challenge in the build-up to the Games," and it was "difficult to blame anybody other than the private security company" (GUARDIAN, 9/11).