Miles To Go Before They Work There Again

An undisclosed number of secretaries have been grounded by London-based CVC Capital Partners, after the private equity firm discovered they were generously dipping into the pool of corporate air miles. According to The Telegraph, this “embarrassing scandal” at a firm described as one of the U.K.’s “most secretive private equity groups” follows a six-month internal investigation that uncovered the misuse. The Telegraph did not disclose how the secretaries violated firm policy by using the mileage accrued by top personnel, but suggested the firm – which officially has not given a reason for the mass change in staff –may not have been tuned into the scheme. It noted that two years ago one employee was convicted of stealing some £4.4 million (US$8.3 million) from partners Scott Mead, Ron Beller and Jennifer Moses, pointing out that the employees’ “crimes went unnoticed for several months by her wealthy employers.” And some of them are wealthy, indeed. Just a few months ago senior managers divvied up £200 million (US$378.1 million) in dividends as part of a huge return to investors. Perhaps the secretaries, referred to as personal assistants, figured, what’s a few miles among friends.