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Corporate Travel scandal threatens to widen as delisting threat looms. Aug 2, 2026 - 8.00pm Corporate Travel Management faces a blowout in the amount of money it will be forced to repay to overcharged customers as clients including the New Zealand government are still assessing the extent of the problem. Those reviews remain under way despite Corporate Travel, one of the country's biggest travel management businesses, having less than a month to publish its audited accounts or risk being removed from the ASX. Shares in Corporate Travel have not traded since last August, when the company requested a halt and warned it had found a minor accounting issue that would require it to restate its results. Since then, it has progressively revealed that it owed British officials about £128 million ($246 million) after overcharging for hotel and travel. In June, Corporate Travel admitted it would have to rebate between $10 million and $15 million to customers in Australia and New Zealand despite previously describing overcharging outside Europe as "not material". Corporate Travel sacked its chief executive for Europe and the UK, Michael Healy, late last year, claiming he had provided "inauthentic" information that led the company to believe that the issue had been resolved. The scandal is threatening to move far beyond Europe. Cleanaway, the ASX-listed waste management company, for instance, is due a refund after detecting that it had been overcharged, according to multiple people close to discussions who requested anonymity to speak freely. Cleanaway declined to comment. Tim Sherbourne, of New Zealand's Ministry of Business, Innovation and Employment, which is responsible for administering the government travel program, said Corporate Travel still did not know how much it owed. "Corporate Travel is currently working to determine the extent of the issue in New Zealand and to correct any identified errors, including reimbursing affected government agencies," he said. "New Zealand Government Procurement is actively assessing the implications for agencies participating in the travel management services contract that use Corporate Travel." A Corporate Travel spokesman declined to comment on specific clients, but said it was "committed to fixing issues where they have occurred". People close to the company who requested anonymity as they were not permitted to comment publicly, however, said Corporate Travel believed the amount owed in Australia and New Zealand would still come in at less than $15 million unless overcharging was detected in a bigger account. When Corporate Travel first disclosed that it had overcharged the British government, Australia's Finance Department launched its own review of its account, the single largest on the company's books. That process was due to be finalised at the end of July, with the findings made public this month. Worth nearly $1 billion and representing 20 per cent of Corporate Travel's revenue, the contract has another 12 months to run with the Australian government holding an option to extend for a further four years. Corporate Travel's biggest rival, Flight Centre, won the contract to provide ministerial travel this year and will begin offering the services in January. It is expected to bid for the bigger government contract if a tender process opens up. Audit delay. Under Australian sharemarket rules, Corporate Travel must provide audited accounts by the end of August or face delisting. The company had previously told investors that accounts would be filed in a matter of weeks, before pushing that date back to February, then June and now August. In late June, the company said preparations of accounts covering the 2025 financial year and the first half of the 2026 financial year were "substantially advanced but not complete" and expected to lodge them this month. "The additional time required reflects the interdependent nature of the UK customer remediation, financing arrangements, together with the remaining audit and review procedures," it said, adding that it also depended on restatements in Australia and New Zealand and "further assessments" of overcharging on customer accounts in the UK. The Australian Financial Review reported in May that Corporate Travel had brought in Allens and EY as its legal and accounting liquidation advisers after entering safe harbour, meaning it is financially distressed but not insolvent. The repayments to customers who have been overcharged will strain the company's finances and require support from lenders. Corporate Travel was once capitalised at more than $3 billion, and had been owned by several of Australia's most prominent fund managers. Last month, Bennelong Australian Equity Partners told clients it had written down the carrying value on its Corporate Travel positions to zero because of the high level of uncertainty over its outlook and valuation. When trade halted, Corporate Travel made up more than 10 per cent of its concentrated Australian equities fund, and 7.5 per cent of its Australian equities fund. ECP Asset Management has written down its position several times, while Forager Funds Management marked down its investment by 80 per cent from Corporate Travel's last traded price of $16.07. Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at [email protected] Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at [email protected] Edmund Tadros leads our coverage of the professional services sector. He is based in our Sydney newsroom. Email Edmund at [email protected]

Omnicom PR hit by ex-Porter Novelli leadership exodus. July 27, 2026 10:59 Omnicom Australia's PR operations have been hit by a wave of senior departures, with Porter Novelli's entire Sydney team exiting following last year's merger with Fleishmanhillard, Mumbrella understands. At least four former Porter Novelli leaders have departed the merged operation, including managing partner Laura Hill and director of corporate communications Victoria Fruean, who have moved to Aware Super and law firm Allens respectively. Head of media relations Madeleine Hanley also exited last month to lead PR at MG Motors, while cyber client lead Lauren Clancy departed earlier this year to join the Reserve Bank of Australia. Mumbrella understands all 10 members of Porter Novelli's Sydney team have moved on following the retirement of the agency brand last year, shortly after Omnicom finalised its global acquisition of Interpublic Group. Sources pointed to a culture clash following the merger into Fleishmanhillard, which sits within Omnicom's PR "earned centre of excellence", as a factor behind the departures. The centre of excellence, one of six established under Omnicom's new Oceania structure, is led by Roberto Pace and also includes brand Eleven PR. The departures follow the exit of Porter Novelli's three most senior leaders, CEO Rhys Ryan, chief operating officer Arj Ganeshalingam and managing partner Patrick McClelland, who went on to launch independent consultancy MGR&Co. Omnicom did comment when contacted by Mumbrella. The holding company has also appointed Ubank's Alan Tanner to replace Fruean in the role. Elsewhere in Omnicom, public affairs and strategic communications firm GRACosway has also been hit by a recent exodus, with partners Brigid Glanville, Andrew Cox and Nick Xerakias among those to depart last Friday, AFR reported. The exits follow the departures of GRACosway managing partner Ben Wilson, who joined Teneo as head of Australian strategy and communications in May, and partner Sandy Kay-Oswald, who moved to HII in June. According to AFR's Street Talk column, the exits were partly driven by changes to the partner structure, after an equity scheme previously offered to partners under previous Clemenger Group ownership was scrapped following Omnicom's acquisition of the business. The deal, which closed in October, saw Omnicom acquire the remaining stake in Clemenger Group, with the transaction delivering a reported payout of around $79 million to employee shareholders. Eleanor Dickinson is a journalist with more than a decade of experience across the UK, Middle East, Asia and Australia. She served as editor of Mumbrella Asia from 2017 to 2018, before spending seven years reporting on technology in Australia. She returned to Mumbrella as chief reporter in September 2025. Have your say. Or comment anonymously Your comment will be marked as unverified

Allens strengthens PNG capability with senior appointment and promotions. 3 July 2026 Allens has strengthened its Papua New Guinea practice with the appointment of Russ Marshall as Practice Director and the promotion of three lawyers, expanding the firm's ability to support clients on major projects, transactions and cross-border opportunities in one of the region's most important growth markets. Russ has been appointed PNG Practice Director, bringing senior legal, commercial and leadership experience to support clients navigating increasingly complex local and cross-border matters in Papua New Guinea. Supporting the partners in the PNG practice, Russ will help deepen the practice's sector expertise, strengthen delivery on major mandates, and support the continued development of the firm's PNG lawyers and staff. 'Papua New Guinea continues to present significant opportunities for clients across energy, resources, infrastructure and investment. Russ's appointment gives its team additional senior capability and commercial perspective, helping Allens support clients with the practical, locally informed advice they need on complex matters,' said partner Richard Kriedemann. The appointment is complemented by the promotions of Anthony Roden-Paru to Managing Associate, Vincent Suapi to Senior Associate and Jasmine Murray to Associate, further building the depth of local capability available to clients. 'These appointments reflect its long-term commitment to Papua New Guinea and to the clients who are investing in its future. By continuing to build local expertise and senior support in the market, Allens is better placed to help clients manage risk, unlock opportunity and deliver projects that contribute to PNG's growth,' Richard said. For decades, Allens has advised on many of Papua New Guinea's most significant investments, projects and transactions. The expanded team positions the firm to continue supporting clients as PNG's economy grows and diversifies, with a focus on combining international experience with strong local knowledge.