UP TO £118 million (approximately A$222 million) of revenue will need to be refunded by Corporate Travel Management (CTM) after further auditing revealed discrepancies in its UK division dating back to 2019.
The figure is significantly more than the £77.6 million (approximately A$146.4 million) cited by the Aussie corporate giant back in November last year.
In a further financial headache for the stricken business, it was revealed this morning CTM may also need to pay back an extra £10 million (approximately A$18.8 million) for H1 2026, subject to commercial discussions with customers.
One saving grace for CTM was its confidence that the accounting issues are localised to the UK arm of the business, stating a review had not found the issues present in any other region.
“No new information has emerged that would change this assessment,” CTM said.
In further developments, CTM said that in late November 2025, during a forensic review of its books, it became aware of a suggestion that letter agreements it received from the UK division, which were supposedly sent to customers to correct discrepancies, may not have been authentic.
The review was sparked by differences of £54.6 million noted in late 2022 between the amounts charged to and paid by its customers, and the amounts paid to hotels by CTM.
In an effort to better understand the anomaly, CTM undertook a review that relied on details provided by CTM UK’s former chief executive officer Michael Healy, who was at the time its UK chief operating officer.
Healy said letter agreements were prepared for impacted clients; however, CTM said there was no independent corroboration the letter agreements were ever signed by the customers.
