Corporate Travel ripped off customers. It’s now fighting for its life
The scandal that has engulfed Corporate Travel Management is a governance train wreck that will do a lot more damage before it’s finished.
Jamie Pherous, the founder and chief executive of Corporate Travel Management, famously fought off an attack by short sellers in 2018. It will take a miracle if the company survives ripping off its British customers, which are believed to include the UK government, in its current form.
While the company insists its solvency is not at risk – it appears to have overcharged customers to the tune of £80 million ($162 million), but has $148.3 million in the bank and no drawn debt to meet refunds – the fallout from this scandal will rock the business for years.
