Oct 15, 2019

Thomas Cook executives pin blame on government for its demise

Thomas Cook executives said that the failure of the UK government to stand as security for a rescue deal led to the travel company's collapse in late September. A committee led by Labour MP Rachel Reeves grilled five of Thomas Cook's board members on the company's debt levels, accounting practices and levels of executive pay. Peter Fankhauser, chief executive of Thomas Cook, said that he "Didn't dare criticise the government" but that, on September 22, the day before the company collapsed, "We knew that we needed something that was strong because without it we knew we couldn't take off again on Monday because the business was on its knees". The committee hearing started with questions on salaries and bonuses received by Thomas Cook executives. According to Mr Fankhauser, the government did not step in to save Thomas Cook as it did not want to set a precedent.

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