21/11/2014
NEWS STORY
Administrator Finbarr O'Connell has revealed that the previous management of the Caterham F1 team is to be investigated.
O'Connell, of administrators Smith & Williamson, who is acting team principal of the Leafield-based outfit in Abu Dhabi as it attempts to attract a new buyer, told reporters that he has a duty to investigate how the team was run prior to it going into administration.
"I'm clearly trying to sell the business, but another thing I have to do is investigate how the business was run, and anybody who has run it improperly or who owes it money, I have a duty to investigate them," he told reporters. "If I think they've been guilty of an offence, then I am supposed to pursue them and get money back for the creditors.
"I'm getting all the papers and documents together and my lawyers and accounting team are going through those," he added. "So that is a different phase, but a number of people have said to me they really believe things have gone on here that need to be investigated."
Mr O'Connell might make a start by contacting us here at Pitpass as in recent days we have received numerous similar claims from a number of different former employees. These are not people with a grudge to bear or attempting to derail the sale of the team but former employees who believe that more could, and should have been done, a lot sooner, to prevent the current situation.
O'Connell, who believes he has just three weeks in which to save the team, claims that of the various enquiries only four potential buyers appear viable.