Corporate Travel Management refunds tens of millions after undisclosed ticket margins

Corporate Travel Management, a Brisbane-based provider of travel services to governments and large corporations, is repaying clients after it retained tens of millions of dollars in margins that contracts stipulated should be passed through. Under new CEO Ana Pedersen, close to 80% of the refunds have been settled or are near completion. The overbilling stems from a $29 million surcharge on European airline tickets and a $13 million retention of supplier rebates in Australia and New Zealand, with the company citing “contractual ambiguity” over its entitlement to keep such margins.

This follows earlier revelations of billing irregularities in a UK refugee-housing program, where the firm was accused of invoicing for non-existent rooms and double-billing hotels. The firm’s 2025 accounts show a $347 million loss, prompting a shift from traditional bank financing to a $175 million private-equity line from Pacific Equity Partners. Shares remain frozen as the company works to file its next set of accounts.