Caterham administrator to probe ex-management

Fri Nov 21, 2014 5:56am EST
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By Alan Baldwin

ABU DHABI (Reuters) - Caterham's former management will be investigated by administrators once the stricken Formula One team's fate is decided in the next few weeks, administrator and acting team principal Finbarr O'Connell said on Friday.

O'Connell, speaking at the season-ending Abu Dhabi Grand Prix, told reporters he had a duty to probe how Caterham was run before he was called in last month.

"I'm clearly trying to sell the business, but another thing I have to do is investigate how the business was run, and anybody who has run it improperly or who owes it money, I have a duty to investigate them," he said.

"If I think they've been guilty of an offence ... then I am supposed to pursue them and get money back for the creditors.

"I'm just getting all the papers and documents together and my lawyers and accounting team are going through those.

"So that is a different phase, but a number of people have said to me they really believe things have gone on here that need to be investigated."

The team entered Formula One in 2010 with Malaysian aviation entrepreneur Tony Fernandes at the helm, but he lost interest after they failed to score a point in four seasons.

A sale was announced last July to a mystery group of Swiss and Middle Eastern investors, with Colin Kolles serving as consultant.   Continued...

Caterham Formula One driver Kamui Kobayashi of Japan drives out from the pits during final practice ahead of the British Grand Prix at the Silverstone Race Circuit, central England, July 5, 2014. REUTERS/Paul Hackett