Group will investigate projects for investors and banks
A group of industry veterans are banding together to form a construction investigation squad for hire by banks, governments and investors.
Charles O鈥橬eil, author of Global Construction Success and former director of asset management at German contractor Bilfinger, told 黑洞社区 the group plans to audit projects to provide more accurate financial information.
He said the team鈥檚 construction knowledge gives them an advantage over big four auditors, who take a narrow financial focus but struggle to quantify what is happening on a particular project.
From Crossrail to Carillion, there are plenty of examples of sponsors or investors not being given the full story, O鈥橬eil said.
On Carillion鈥檚 problem hospital jobs in Liverpool and Birmingham, he said: 鈥淭he government and NHS were equally culpable. They wrote crap contracts and they did not do their due diligence. They should never have given those jobs to Carillion in the first place.鈥�
O鈥橬eil is joined by the Specialist Engineering Contractors Group鈥檚 Rudi Klein, one-time Barclays infrastructure director Nigel Brindley, construction disputes specialist David Somerset, international commercial mediator Amanda Bucklow, and Richard Bayfield, consultant and former Society of Construction Law president.
The group is likely to operate as a subsidiary of ResoLex, a project consultancy based on Fleet Street, with its chief executive Edward Moore also part of the team.
It is currently looking at formats for investigation which allow 鈥渁miable鈥� cooperation with those they are looking into. O鈥橬eil admitted those presiding over hidden problems will often 鈥渞esist like hell鈥� any scrutiny.
The team is next due to meet in June with plans to formally launch the group later this year.
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