Asylum hotel provider in accounting crisis

Core Insights - Corporate Travel Management (CTM) has been suspended from the Australian Stock Exchange due to accounting anomalies, affecting its £550m government contract for asylum seeker accommodations in the UK [1][2] - The company is facing significant delays in resolving these accounting issues, which is unusual for a company of its size (A$2.5bn) [2] - CTM's British operations have become increasingly important to the UK government, particularly in managing accommodations for asylum seekers [3][4] Financial Issues - CTM's accounting problems are related to its European accounts, requiring adjustments in revenue and cost recognition between financial years [6] - The company has stated that there will be no impact on operating cash for FY25 or previous years, nor will it affect FY26 operations [6] - The initial plan to publish accounts by September 25 has been delayed due to the complexity of the issues [7] Government Contracts - CTM has secured a £550m four-year contract to provide contingency accommodation and related services for asylum seekers [4] - The company has been involved in various government initiatives, including repatriation flights during the pandemic and managing quarantine accommodations [3][4] - CTM's responsibilities include finding hotels, allocating places, and organizing transport and meals through subcontractors [5]