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UK Post Office value slashed to zero


Eldorado
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The Government has written down the value of the Post Office to zero after the state-owned chain was hit by the postmasters scandal.

In its annual report, the Department for Business said the value of its holding in Post Office Ltd had plummeted from £145m to “nil” in the year to March 31.

It follows a court ruling that found hundreds of postmasters had been wrongly prosecuted for theft and false accounting when a faulty computer system was to blame.

As a result the Post Office had to put aside £233m to compensate victims, forcing the 361-year-old institution to seek a cash injection from the Government to stay afloat.

Telegraph report at MSN

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Well the Republicans have been working for decades to destroy the post office (forcing the PO to fund its retirement fund 75 years into the future, see below) so that all mail would be handled through private, profit driven, businesses, and now with DeJoy's tenure as postmaster general it has been accomplished. 

No public enterprise will be left to service the American public, profit free.  Get ready for hefty rate hikes across the boards, with a hefty boost to Wall Street profits.  Is that clapping I hear?

I'm ready for them to tell us to be happy about it.  After all, it's good for business profits, the actual American god.

 https://ips-dc.org/how-congress-manufactured-a-postal-crisis-and-how-to-fix-it/

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In 2006, Congress passed a law that imposed extraordinary costs on the U.S. Postal Service. The Postal Accountability and Enhancement Act (PAEA) required the USPS to create a $72 billion fund to pay for the cost of its post-retirement health care costs, 75 years into the future. This burden applies to no other federal agency or private corporation.

 

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7 hours ago, Eldorado said:

The Government has written down the value of the Post Office to zero after the state-owned chain was hit by the postmasters scandal.

In its annual report, the Department for Business said the value of its holding in Post Office Ltd had plummeted from £145m to “nil” in the year to March 31.

It follows a court ruling that found hundreds of postmasters had been wrongly prosecuted for theft and false accounting when a faulty computer system was to blame.

As a result the Post Office had to put aside £233m to compensate victims, forcing the 361-year-old institution to seek a cash injection from the Government to stay afloat.

Telegraph report at MSN

Like a lot of people, I have followed this scandal. It is very hard to understand why it occurred. It caused terrible hardship, emotional and financial for so long. Bureaucracy at its worst.

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As someone who has worked in the postal service I can tell you what it's like to be accused of something.

I was accused of (not stealing) of taking a  box full of mail home and forget to take it back, I sarcastic pointed that I, like everyone in the office, keep the mail boxes under the desk. I was accused back if bringing back the box too late (Which I didn't as never took them home for a start), My answer was a simple "Good luck proving that in a court". Later in they tried to fire me without compensation and with a internal disciplinary process, to which I replied again "I'll see you in court  explaining yourselves to a judge without proofs, and also having to explain yourselves with existing proofs provided by themselves and 3rd independent parties". Needless to say I got my severance compensation  and they escaped massive fines, resettling accounts and add further interest to social security, they could have also loose their operating licence.

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  • 1 month later...

@godnodog Further to your post #4:

Four people caught up in the Post Office IT scandal are believed to have taken their own lives after being hounded for cash that wasn't even missing.

A Daily Mail investigation has uncovered a series of appalling human tragedies that relatives have blamed on the company's persecution of its own staff over two decades.

At least 19 individuals died before justice could be done, including three who took their own lives, one suspected suicide and a series of deaths from stress-related illnesses.

Post Office IT scandal is blamed for FOUR suicides | Daily Mail Online

Edited by The Silver Shroud
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