G4S loss on Olympics contract
Security company G4S today said it will incur a loss of £70 million on its bungled Olympics contract, more than the £50 million previously estimated.
Locog: Taxpayer's interests 'fully protected' in G4S settlement
Taxpayer's interests have been fully protected in compensating for the difficulties experienced by G4S' security shortcomings during the Olympics, according to Locog.
Its chief financial officer Neil Wood said the overall agreement reduced the payment due to G4S by £85 million, comprising £48 million to cover step-in costs by police and military and £37 million primarily for project management failures.
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