$275m Qatar dispute adds to the financial woes of Carillion

 

Carillion, a UK based multinational facilities management and construction services company, has recently faced a lot of financial trouble mainly due to a $275 million dispute in Qatar over a project linked to the 2022 World Cup.

Reportedly, the company won a joint venture with a Qatari company, for a 2022 World Cup related project backed by the Qatar Foundation in 2011. However Carillion claims that they are owed £200 million for work it completed but the Foundation claimed it is owed money by Carillion over failings to fulfill contractual obligations.

Unfortunately the company had to announce its sudden liquidation on Monday after the heavily-indebted company failed to secure a last-minute financial rescue by the government and banks.
Most of the company’s finances are based in the Middle East and the Gulf where it employs over 19,000 workers.

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