LONDON (dpa-AFX) - Department for Transport or DfT announced the government will take over running services on London & South Eastern Railway from 17 October 2021. Following an investigation, it was found that London & South Eastern Railway or LSER, has not declared over 25 million pounds of historic taxpayer funding.
LSER's shareholders (Go-Ahead and Keolis UK) has commissioned an independent review into the matter. Go-Ahead Group said it has repaid 25 million pounds, and will provide a detailed update on further liabilities in its full-year results.
The Go-Ahead Group's Chairman, Clare Hollingsworth, said: 'We recognise that mistakes have been made and we sincerely apologise to the DfT. We are working constructively with the DfT towards a settlement of this matter.'
The Go-Ahead Group also announced Elodie Brian has decided to resign as Chief Financial Officer. Gordon Boyd has agreed to join the Board as Interim CFO. He has previously held senior financial roles within Drax, Infinis PLC and Capita PLC.
Go-Ahead Group has postponed the announcement of its results for the year ended 3 July 2021. The Group said its financial results for the year remain in line with the Board's expectations. This guidance includes the expected provisions related to the matters under discussion with the DfT but excludes any potential financial penalty, Go-Ahead noted.
Copyright RTT News/dpa-AFX
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