A SCOTTISH author and veteran journalist has seen his expose into the demise of the outsourcing giant Carillion make it into a coveted top rankings’ list.
Bob Wylie’s “Bandit Capitalism: Carrilion and the Corruption of the British State” has been placed as among the Financial Times’ economic books of the year.
The book tells the story of what happened when the giant construction and outsourcing company collapsed in January 2018.
Carillion’s turnover was more than £5 billion in 2016 but it collapsed with almost £7bn debts and only £29 million in the bank.
Its staggering losses and liabilities included a gigantic £2bn hole in the pension fund – for which UK taxpayers picked up the tab.
In five years the Carillion executives paid £1.8m into their own personal pension pots.
Wylie interviewed crucial witnesses drawn into the catastrophe, from Carillion insiders and Carillion workers, to trade union leaders and sub contractors whose lives were changed by it and who bore the brunt of the liquidation.
The FT’s Martin Wolf ranked Bandit Capitalism, published by Birlinn, seventh in his top twenty economic books of the year.
“An excoriating book on the corruption that can lurk within contemporary capitalism,” wrote Wolf.
“Wylie focuses on the case of the now-bankrupt Carillion which was a giant provider of outsourced services to the UK Government.
READ MORE: Journalists need to do more than simply imagine they’re fighting for truth
“The company was looted by management, at the expense of taxpayers and workers. But he stresses Carillion is merely an extreme example of corporate malfeasance.
“When management is expected to run companies for the purpose of enriching themselves trouble is sure to ensue. It did and it does.”
Wylie said: “When I saw the FT list for the economic books of the year in the paper I wondered if I should open the web piece because I knew I had hopes to be on it, but what if I wasn’t?
“Then there it was, seventh on the list. I am so pleased. Not bad for a brickie’s boy.
“If people want to find out about the state we are in before Brexit, it’s all there in Bandit.”
Wylie is a former BBC Scotland journalist and an investigations correspondent for the broadcaster.
He won awards for his reports on the abduction and murder of the Glasgow teenager Kriss Donald perpetrated by a group of gangsters in Pollokshields.
In 2006 Wylie went to Pakistan to report on the country’s police bid to track down one of the fugitive killers in rural Punjab.
Wylie was brought up in the Pollok housing scheme in Glasgow. His father was a bricklayer and mother a school clerk.
He went to Allan Glen’s School on a Glasgow City Council bursary and graduated in geography and economics from Glasgow University.
After the BBC he worked in communications and now runs a media business, specialising in work for trade unions.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here