CTM Admits to $103M Errors, Suspends CEO, Launches Audit

Australia’s Corporate Travel Management (CTM) has revealed serious accounting errors totaling approximately £77.6 million ($103 million), primarily affecting a small group of UK clients.

CTM has begun meeting affected clients, launched a full review of financial processes, and commissioned an external governance audit to understand how these errors went undetected.

The company will revise past revenue reports, reversing up to £58.2 million ($77.5 million) from 2023 and 2024 due to overcharges, and another £19.4 million ($25.8 million) from 2025 figures related to refunds and unsettled contracts.

An ongoing review by accounting firm KPMG uncovered the issues after examining 47,000 documents and 1.5 million transactions worth over £400 million ($534 million). Preliminary findings suggest errors stemmed from unprocessed refunds for canceled tickets, excess service fees, or retained commissions that were not properly accounted for.

The revelations have hit CTM’s UK and European operations particularly hard. CEO Michael Healy has been temporarily suspended, while global COO Eleanor Noonan has stepped in as interim leader.

Analysts estimate that up to one-third of Europe’s revenue between 2023 and 2025 may require correction, alongside AU$9.1 million (US$6 million) in additional bad debt provisions elsewhere.

This accounting scandal is unusual in the travel management sector and raises concerns about oversight and trust.

CTM is expected to face a multi-month recovery, including delayed financial reporting, more in-depth audits, and potential leadership restructuring, likely extending well into 2026 under regulatory scrutiny and ongoing client discussions.

For a deeper dive into the subject, see AltexSoft’s video that breaks down business travel and also check out our new video that discusses corporate travel payments.

Photo by James Wilkinson on Unsplash