Overview
- Shares have been frozen on the ASX since the company disclosed significant overcharging and accounting errors in its UK and Europe operations.
- Corporate Travel Management must restate financials back to 2019 after finding overpayments that the firm says extended into 2025.
- The dispute centres on a UK contract to house asylum seekers on barges where the company is estimated to have overcharged the government by about £118m–£128m.
- The company says FY25 and first-half FY26 statements are substantially advanced but will not be finalised until August which delays repayment work and the path to relisting.
- Analysts warn Deloitte’s audit sign-off may be harder to obtain, increasing the risk of prolonged suspension and possible regulatory, legal and reputational consequences for shareholders and customers.