G4S Win Gold Medal For Spectacular Olympic Incompetence

In April I wrote the following about G4S (the company that is meant to provide security for the Olympics Park):

"The cost of providing security for the games has rocketed skywards, eg elements of the main contract with private security provider G4S have increased by up to seven times."

With only a fortnight to go until the Olympics and G4S and the costs of providing security for the Olympics have yet again hit the headlines, in a spectacular manner.

G4S have failed to deliver on their contract to provide sufficient trained security staff for the Olympics Park, as such the government is having to cover the shortfall with 3,500 troops (many of whom are returning home on leave having just finished a tour of duty in Afghanistan). In a remarkable display of incompetence, G4S only informed the Government that it was struggling to fulfill its brief only in the last fortnight.

Although G4S is rumoured (according to Channel 4 News last night) to be being fined around £50K per day for its incredible incompetence, this is but a drop in the ocean when compared to the £535M that they are making from the Olympics contract.

Needless to say, were the Olympics being run in transparent and open manner the taxpayers (who are paying for this corporate marketing fest) would have the right to look at the contract that G4S has signed for providing security for the Games. Unfortunately the Olympics are not being run in an open and transparent manner, and the contract is not available for public scrutiny.

Why are the taxpayers, who are funding the Games, not allowed to satisfy themselves that their money has been wisely spent and that contracts signed in their names have been negotiated in their best interests?

As an FCA and experienced fraud investigator I would never advise people to put money into a project/business without them at the very least seeing the contract and reviewing it thoroughly, taking advice from independent finance/legal professionals.

The government would argue that they acted in the interest of taxpayers when reviewing and negotiating the contract with G4S. However, as can be seen from this omnishambles of incompetence, it is clear that the government was not up to the job of looking after taxpayers' interests.

Needless to say the fact that troops are being brought in to cover G4S's failure means that the costs of the Olympics will rise. When will the government tell us by how much?

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