Fraud at Princess

  • Thread starter Thread starter Deleted User YDKXO
  • Start date Start date
Firstly I'm with others re the poor editorial.
Secondly, this is sadly the world of business these days, you have to build your business so full of safeguards against this sort of thing you can end up going dizzy running around in circles.
 
Ah.. the good old days a Princess 415,three girls,two blokes and a boat you could probably actually afford to buy outright with the cash in one of those envelopes ?
 
Last edited:
rubberduck said:
Secondly, this is sadly the world of business these days, you have to build your business so full of safeguards against this sort of thing you can end up going dizzy running around in circles.
Click to expand...
You're right. Although not on the scale of Princess, my company suffered a systematic fraud by an employee a few years back which we only discovered by accident. That experience has made me far more paranoid about financial security now than I used to be. The kind of thing that happened to us and to Princess could happen to any company, big or small
 
petem said:
In all my years in IT, the only theft I have ever known is from employees. I tell them when we design systens, forget hackers, its the staff we need to be wary of.
Click to expand...

It's funny you mention that. When we're designing networks, the customer always wants the jazziest firewall money can buy (no issue with that). My advise is that if there's going to be data theft, it's most likely going to be stolen by an employee, not an outsider.
 
Yep, I had it as well, they seem to think they are entitled because they run things & you just sit there counting the money. This is why of course, that those that had a go at us went off to run there own business & made a right mess of it.
 
admillington said:
You would have expected that a published article wouldn't have typos.

Looking at the Princess accounts, they appeared to make a profit from trading (just) but the £16,087,000 Interest charges, I assume from the parent company drove them into a loss.
Click to expand...

Seems increasingly common to have a holding company to capture the profits whilst removed from some of the risk and liabilities. Looking at jobs currently and I usually review accounts - I have encountered a couple just like this in the last week. Does make you nervous of what they're protecting themselves from! :)
 
rubberduck said:
Firstly I'm with others re the poor editorial.
Secondly, this is sadly the world of business these days, you have to build your business so full of safeguards against this sort of thing you can end up going dizzy running around in circles.
Click to expand...

Had similar problems, back in the 80's and 90's with some boat builders, worse when I was designing forktrucks for a US firm 1980. Buyers set up their own supply firm, service dept shipped 250 trucks to Australia in kit form to build and sell out there.

Brian
 
adey said:
Guilty...
http://www.plymouthherald.co.uk/Ply...il-1-million/story-28673038-detail/story.html
Click to expand...

A quality piece of reporting there from the Plymouth Herald. Apparently Thompson, one of the men prosecuted, boasted an expensive wash and a nice car. It didn't embellish so I can only assume the attention was lavished on his barnet although I am aware of extravagant bathing rituals. Who knows?

They then went on to lift the lid on goings on behind the factory gates. Some clients flew in by helicopter, some were from Eastern Europe and a fence had been been built so that it wasn't necessary for visitors to pass MOD inspections every time they wanted to see how their new baby was coming on.

On the plus side the company did have some nice customers as well including one of the singers from Abba.

The company carefully protect their public image to the point where a derelict yacht was cleaned up and the job not posted on Youtube, Facebook or Twitter.

When people come to the factory to see how their expensive motor yacht is progressing they are occasionally treated to lunch.

If employees were given a bottle of wine they could keep it but if they were given a box of wine they would have to leave it in a public space. The article didn't elaborate as to whether that was because only cheap crappy wine comes in a box or not. Neither did it cover cases of wine which presumably would be distributed amongst 12 employees to get round the 1 bottle per head ruling :)

What was interesting though was to see that Princess had invested £10 million on deep water moorings for their larger craft. Clearly someone is taking a long term view.

Sentencing is to follow and the Herald suggested the only football team one of the men is likely to play for is a prison team.

Henry :)
 
henryf said:
A quality piece of reporting there from the Plymouth Herald. Apparently Thompson, one of the men prosecuted, boasted an expensive wash and a nice car. It didn't embellish so I can only assume the attention was lavished on his barnet although I am aware of extravagant bathing rituals. Who knows?

They then went on to lift the lid on goings on behind the factory gates. Some clients flew in by helicopter, some were from Eastern Europe and a fence had been been built so that it wasn't necessary for visitors to pass MOD inspections every time they wanted to see how their new baby was coming on.

On the plus side the company did have some nice customers as well including one of the singers from Abba.

The company carefully protect their public image to the point where a derelict yacht was cleaned up and the job not posted on Youtube, Facebook or Twitter.

When people come to the factory to see how their expensive motor yacht is progressing they are occasionally treated to lunch.

If employees were given a bottle of wine they could keep it but if they were given a box of wine they would have to leave it in a public space. The article didn't elaborate as to whether that was because only cheap crappy wine comes in a box or not. Neither did it cover cases of wine which presumably would be distributed amongst 12 employees to get round the 1 bottle per head ruling :)

What was interesting though was to see that Princess had invested £10 million on deep water moorings for their larger craft. Clearly someone is taking a long term view.

Sentencing is to follow and the Herald suggested the only football team one of the men is likely to play for is a prison team.

Henry :)
Click to expand...

Priceless summary Henry!
 
You must log in or register to reply here.

Other threads that may be of interest

snooks
Hallberg-Rassy 370 review
Replies
13
Views
1K
Greemble
Greemble
SeaWeavers
UK South Coast Adventures
Replies
4
Views
467
SeaWeavers
SeaWeavers
I
Looking for 1993/9 Yachting World Feature - DML Alpha 50 OOD by David Thomas
Replies
4
Views
186
isla100
I
S
Linssen Boats - good or bad?
2 3
Replies
53
Views
2K
Time Out
T

Share this page

Top