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Scandal-hit UK business lobby wins funds to carry on / Photo: Oli SCARFF - AFP/File
NYSE - LSE
Scandal-hit UK business lobby wins funds to carry on
Britain's scandal-hit business lobby, the CBI, has received funds to remain operational following reports it was in grave financial trouble in the wake of sexual misconduct allegations.
The CBI, which cancelled last week's annual general meeting, has faced an exodus of member companies since the allegations surfaced earlier this year, sparking a dramatic overhaul.
British media said a group of banks had come to the rescue after reports the organisation had sought £3 million ($3.7 million) in emergency funding.
"We are satisfied that we have secured the financing necessary to overcome the short-term cash flow challenge and that the organisation remains in a strong medium to long term position," the Confederation of British Industry said in a statement received by AFP Monday, confirming the weekend reports.
The CBI has faced claims that more than a dozen women were sexually harassed at the organisation and two others had been raped.
Police launched an investigation following the allegations first reported by The Guardian newspaper.
CBI director-general Rain Newton-Smith in April replaced Tony Danker, who departed over a separate misconduct allegation.
Member firms voted overwhelmingly in favour of a reset under her leadership to overhaul the CBI's culture, governance and purpose.
She has declined to comment on how many members have left over the scandal.
J.Varela--HdM
