Revealed: Faked bills and dodgy deals How Assetco conned auditors and ripped off London and Lincoln’s firefighters

Why do people still believe that selling or leasing of government assets leads to lower costs and greater efficiency. There is historical parallels , the King giving land to his friends and the Church. The result was such action led to the enrichment of the Nobles and the Church and the weakening of the Crown. As for the Peasants, screwed by Crown & Nobles.

David Hencke

london fire engine A London fire engine then owned by Assetco

CROSS POSTED ON BYLINE.COM

The scandal that led to the huge £3.7m  fine ( reduced to £2.4m after co-operation) against  accountants Grant Thornton and ex  partner Robert Napper is revealed in a dry 56 page report by the Financial Reporting Council.

The biggest con by the privatised company  Assetco responsible for  owning and maintaining the capital and Lincolnshire’s fire engines was in faking additional cash payments from London’s fire brigade when it was asked to do  more work.

Directors of the company took advantage of three extra requests that were approved by London fire brigade – involving new equipment for fire engines and emergency training for 700 of the capital’s firefighters.

In all three cases they fiddled the books to boost the value of the company to shareholders and lied about the cost of the contracts to  gullible auditor Robert Napper and…

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