Public Accounts Committee report estimates up to £410m wasted over collapse of PPP firm
MPs have hit out at the lack of oversight that led to the collapse of Metronet.
In a Public Accounts Committee report published today they say that no public body had the information or influence necessary to oversee the performance of the PPP firm as it tried to fulfil its contract with London Underground.
The report also estimates that up to £410m of taxpayer’s money was lost as a result of Metronet’s administration.
Metronet, a joint venture between Atkins, Balfour Beatty, Bombardier, Thames Water and Seeboard, collapsed in July 2007 and was responsible for the maintenance and upgrading of nine tube lines and 150 stations.
The PAC also said that in future the arbiter should be able to start an extraordinary review of the PPP contractor, without either party involved calling for one.
The news comes eight days before the arbiter will make a final decision on how much money Tube Lines, the surviving PPP contractor working on the Northern, Jubilee and Piccadilly lines, will get for its next spending period.