Finbarr O’Connell, Caterham Formula 1 team’s administrator, has launched an inquiry to find whether there were any behind-the-scenes irregularities that may have resulted in the small team’s near-death.
O’Connell worked as interim team principal when Caterham contested the Abu Dhabi Grand Prix last weekend with drivers Kamui Kobayashi and Will Stevens. Speaking in the paddock of the Yas Marina circuit, he admitted that a new owner quickly otherwise the plug will have to be pulled. He also said that it is also part of his responsibility to look into why Caterham has ended up in such a poor financial state following a takeover in June. In June, Tony Fernandes, owner of AirAsia and Caterham F1 Team sold the team to a consortium of Swiss and Middle Eastern investors. However, the new owners bailed out in October, citing a dispute over the transference of shares, with Tony Fernandes claiming he had not been paid. O’Connell declared he is fully determined to get to the bottom of the issue. “As administrator, I’m clearly trying to sell the business. But another thing I have to do is investigate how the business was run,” he declared. "Anybody who was running it improperly or who owes it money I have a duty to investigate them. If I think they’re guilty of an offence, like wrongful trading or misfeasance, then I have to pursue them and get money back for the creditors. A number of people have already said to me they really believe there were things that went on here that need to be investigated,” he explained in Abu Dhabi.
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