Security behemoth G4S will be allowed to bid for Government contracts again after it was banned from entering the tendering process for overcharging taxpayers for botched tagging contracts.
The private security giant, which reported a pre-tax loss of £170m in 2013, agreed to pay nearly £110m back to the taxpayer last month, after it charged the Government for monitoring non-existent electronic tags, including some which had been assigned to offenders who were dead, back in prison or overseas.
The Cabinet Office has now accepted a turnaround plan put forward by the company and - as long as the plan is implemented - it will now be able to bid for future Government contracts.
Chief executive Ashley Almanza said: "Our UK renewal programme forms part of a wider programme of change to strengthen the governance and performance of the Group as a whole and, while significant progress has been made, much remains to be done."
G4S is currently being investigated by the Serious Fraud Office (SFO) for "serious issues" in connection with “invoicing, delivery and performance reporting” on contracts worth almost £4 billion as well as overcharging taxpayer for botched tagging contracts.
G4S has suffered severe damage to its reputation after its failure to fulfil its contract to provide enough security staff for the 2012 London Olympics, forcing the Government to draft in members of the armed forces at short notice.Reuse content