Oct 22, 2019
Thomas Cook used its auditors to justify £5m bonus
Audit firm EY, which signed off on Thomas Cook's financial health before its collapse, also wrote a report used to award its former boss a £5m bonus. Pilot Dave Crichton, who joined Thomas Cook from MyTravel in the 2007 merger, said he was "Angry" about the company's collapse "Because I think it was resolvable". Former senior Thomas Cook executives told the BBC the company's debt problems began with the MyTravel merger. The year after the MyTravel deal, Mr Fontenla-Novoa was awarded a £5m bonus under Thomas Cook's "Secured Synergies Bonus Plan". In May 2019, Thomas Cook reported a £1.5bn loss for the first half of its financial year and issued the third in a series of profit warnings.
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