MPs call fees ‘superhuman’ as accounting firm admits it won’t know final bill until June.
MPs have accused the accountancy firm tasked with salvaging money from Carillion on behalf of its creditors and pensioners of charging “superhuman” fees, after it racked up a bill for £20.4m in eight weeks.
Partners from PricewaterhouseCoopers told the Commons work and pensions committee on Wednesday that they had no idea how much they would ultimately charge, admitting it would be at least June before they could estimate overall costs.
MPs had earlier said PwC was attempting to “milk the Carillion cow dry” with roles at various stages throughout its decline and eventual collapse into liquidation in January owing about £2bn to its 30,000 suppliers.
“There is a strong case for reviewing the operation of the FRC and that is something that I intend to require,” he said.
David Kelly, the special manager for PwC in Carillion’s liquidation, told the committee the accountancy firm was charging about £1.4m a week to employ 112 staff to keep the company running and to honour government contracts, while also trying to sell parts of the business and salvage funds for its creditors.