Sunday, 20 March 2022

DfT Issues £23.5m Penalty for Go Ahead

Go-Ahead has announced that the Department for Transport (DfT) has issued a £23.5m penalty notice to London & Southeastern Railway Ltd (LSER) in respect of good faith contraventions of LSER franchise agreements.

In its results for the year ended 3 July 2021, published on 24 February 2022, the Group recognised a provision of £30.0m in its accounts in respect of a potential financial penalty from the DfT in relation to LSER.

The amount payable to the DfT is expected to be settled from LSER's restricted cash balance.

Also see here for our posting about the Go Ahead shares which had been suspended following the news about the impending financial penalty