Greg Harman

Greg Harman

Greg Harman

Senior Managing Director

Tel: +44 (0) 20 3727 1230
Fax: +44 (0) 20 3727 1007
Email: greg.harman@fticonsulting.com

Greg Harman is a Senior Managing Director at FTI Consulting and is based in London. Mr. Harman joined the FTI Economic and Financial Consulting practice in April 2011. Mr. Harman is an expert in the areas of valuation, dispute consulting, pricing and economic regulation. He has significant experience working on cases in telecommunications, media, energy, post, water and transport. During his 22 years in consultancy, he has undertaken a wide range of assignments in the UK and abroad.

Experience

Mr. Harman’s experience has included the production of independent expert reports for submission to government departments, courts, tax authorities, competition and regulatory bodies, and inclusion in international corporate transaction agreements.

Mr. Harman has given oral evidence in the Bristol Mercantile Court, before the American Arbitration Association and ICC Tribunals, before the UK Competition Appeals Tribunal, the UK Competition Commission, the Competition Tribunal in South Africa, before the CAA in an aviation pricing dispute, and before a public inquiry heard under Section 31 the UK Harbours Act 1964. Mr. Harman has provided written evidence before the Constitutional Court of South Africa, the Court of Arbitration for Sport and numerous regulatory and competition authorities. Mr. Harman has given oral evidence during mediation procedures.

Mr. Harman is one of the leading experts active in commercial arbitration worldwide identified by The International Who’s Who of Commercial Arbitration in 2012, 2013 and 2014.

Prior to joining FTI, Mr. Harman was a Managing Director at LECG, where he was responsible for LECG’s International Arbitration Practices in Europe and co-headed LECG’s European Finance and Accounting Services practice. Mr. Harman joined LECG in September 2003. Prior to this, Mr. Harman worked at Deloitte & Touche from 2002 and at Arthur Andersen from 1991.

Mr. Harman graduated with a First Class degree in Management Sciences from the University of Manchester, Institute of Science and Technology in 1990, specialising in finance and economics. He completed the Executive Programme at Oxford University in 2000. He passed with Distinction an MSc in Competition and Regulatory Economics from the City University London in 2007. He completed an executive leadership programme at the Darden School of Business in 2012.

Mr. Harman is a Fellow of the Institute of Chartered Accountants in England and Wales and a Member of the Society of Share and Business Valuers.

Professional Experience

Arbitration

  • Providing expert evidence for a telecoms company in India relating to spectrum licences and lost profits in a dispute with the Government of India (ICSID).
  • Production of written expert evidence in proceedings under UNCITRAL Arbitration rules. The case related to the value of a mobile phone operator in the Middle East.
  • Providing expert evidence in a dispute between a gas power plant and the Government of Rwanda (ICC).
  • Providing expert evidence for a company in a contract dispute with an electricity company in South Africa.
  • Provided expert evidence during arbitral proceedings between an energy company and an East African government.
  • Provided advice before arbitral proceedings commenced in a matter relating to an expropriation of oil assets by a West African government.
  • Providing expert evidence for a large Indian energy company against the Government of India in a gas-pricing dispute.
  • Performed a peer review during arbitral proceedings on a matter relating to the valuation of Russian energy and aluminium companies.
  • Provided written expert and oral evidence in a case heard before the American Arbitration Association. The case related to the value of a failed distribution agreement in sports apparel distribution sector.
  • Provided written expert and oral evidence in Utah and Washington in a case heard before the American Arbitration Association. The case related to a failed distribution agreement in the technology and electronics sector.
  • Provided written expert and oral evidence in arbitral proceedings heard under ICC Rules on a matter in the consumer electronics market in the Middle East.  The case related to a failed distribution licence.
  • Provided written expert evidence for the Gibraltar Football Association before the Court of Arbitration between the GFA and the Union of European Football Associations.
  • Provided written expert evidence in arbitration proceedings under LCIA Arbitration Rules in the chemical sector in Greece. The matter related to a breach of warranty and a negligent valuation.
  • Provided written expert evidence in an ICC Arbitration case relating to a loss of profits claim in the sports apparel market across Europe. The case related to a failed distribution licence.
  • Provided written expert evidence in arbitral proceedings under UNCITRAL rules relating to the termination of a distribution and manufacturing agreement in the music sector.
  • Provided written expert evidence in a dispute between two football clubs in arbitration proceedings pursuant to Rule K of the rules of the Football Association.
  • Appointed as an expert in arbitral proceedings in a commercial dispute relating to the manufacture and distribution of soft drinks in Eastern Europe and the value of transhipping contracts.

UK Domestic Litigation

  • Provided written expert evidence in a High Court dispute between two media companies relating to how sponsorship revenues are negotiated.
  • Provided written expert evidence in a High Court dispute between media companies, relating to losses associated with a contract termination.
  • Provided written expert evidence in a claim for damages arising from an alleged cartel in the gas sector.
  • Provided written expert evidence in a High Court matter relating to a failed distribution licence for the sale of homeopathic remedies. Provided oral evidence during mediation attempts. The case settled before trial.
  • Provided written expert and oral evidence in 2008 in the Queen’s Bench Division of the Bristol Mercantile Court, on the lost profits suffered by a car distributor and retailer that acted on a negligent misrepresentation to enter into a Main Dealer Agreement.
  • Providing expert evidence in a High Court matter between two media companies relating to a failed production agreement.
  • Provided written expert evidence on transfer pricing for a large international paper manufacturer in the context of a tax dispute.
  • Assisted in provision of expert evidence in a post-acquisition dispute. Performed a valuation of a large international computing company.
  • For a company involved in the design, manufacture, sale and hire of high-pressure water pumps performed work surrounding a post-acquisition dispute.
  • For a company involved in the manufacture of home care and home laundry products produced an expert report in a post-acquisition dispute.
  • In the context of a joint venture dispute, determined the value of an UK independent gas shipping company.
  • Produced an expert report for a large newspaper in the context of a labour dispute.

Competition Disputes

  • Provided oral evidence in a dispute between Sky, TalkTalk, Virgin Media, Cable & Wireless and Verizon and BT.
  • Provided written expert and oral evidence in a dispute between BT and Sky, heard before the UK Competition Appeals Tribunal in 2011.
  • Produced written expert evidence for a 3G mobile phone operator in the UK, in a damages case, relating to mobile number portability.
  • Produced written expert evidence for a UK telecoms company in a loss of profits claim. The case was in the context of a European Telco that started trading before receiving regulatory approval.
  • Appointed to provide written expert evidence in a gas dispute in South Africa, in a matter relating to gas tariffs (High Court).
  • Provided written expert and oral evidence (4 days) in a pricing dispute between the Competition Commission of South Africa and a large energy and chemicals company in May 2013.
  • Appointed as expert in a competition matter in South Africa relating to the price at which coal is transported between certain locations.
  • Appointed to provide expert evidence in a dispute between two airlines in South Africa.
  • Appointed as an expert by a healthcare company in South Africa as part of the South African Competition Commission’s investigation into the Private Healthcare Market.
  • Provided written evidence before the Constitutional Court of South Africa in relation to a failed tender process relating to a contract to pay social benefits.
  • Provided written expert evidence in relation to an excessive pricing dispute involving two oil companies and a UK port.
  • Provided written expert and oral evidence in a pricing dispute between an airport and an airline. The case was heard by the CAA in 2012. The case related to the excessive pricing of ground handling services at Gatwick Airport.
  • Provided written expert and oral evidence in an excessive pricing dispute between a harbour and various ferry operators in a case heard under Section 31 of the Harbours Act 1964.
  • Appointed as an expert for a healthcare company to provide a response to the Competition Commission’s profitability analysis in the UK Private Healthcare Market Investigation.
  • Appointed as an expert by a cement company to provide a response to the Competition Commission’s profitability analysis as part of its Aggregates, Cement and Ready-Mix Concrete Market Investigation.
  • Appointed as an expert by a payday loan company to provide a response to the Competition Commission’s profitability analysis as part of a Market Investigation.
  • Assisted in the production of written expert evidence in proceedings before the Copyright Tribunal in a dispute between the BPI, a number of music service providers and four mobile network operators and the MCPS-PRS alliance. The dispute was over the terms of the license for mechanical and performing rights involved in the supply of music content online.
  • Provided written expert evidence and oral testimony for Bristol Water before the UK Competition Commission on its appeal of the PR09 Ofwat pricing determination.

Expertise in Non-Dispute Valuation Contexts

  • For a large French bank determined the value of certain non-core media investments.
  • For a venture capital firm provided valuation advice on the value of certain media related investments.
  • For a large media company develop a framework for assessing the performance of its strategic business units using a value based management methodology.
  • Provided advice to the IFPI on the merit of the introduction of a new form of copyright – the “Value Recognition Right” (‘VRR’) that would allow the music industry to create a commercial relationship with any company deriving value from either the sharing or storage of music.
  • For the NLA, provided extensive advice on pricing and on the valuation of news content across different channels and product propositions. The work was performed in the context of a potential referral to the Copyright Tribunal.
  • For the CLA, provided advice on pricing and on the valuation of content across different channels and product propositions. The work was performed in the context of a potential referral to the Copyright Tribunal.
  • For a retail complex in Moscow, performed the valuation of the retail complex.
  • For a medium sized chemical company provided valuation advice on the value of shares held in the company’s employee share scheme.
  • Determined an appropriate royalty rate for the transfer of certain technologies between two sized companies.
  • Advised a consortium of bidders on two attempted water company transactions. 
  • Produced a report for a regulator valuing the universal service obligation.
  • Worked as advisor to the rail regulator from the period immediately prior to the regulator’s formal appointment through to the approval of initial access agreements and operator licences. Work included the valuation of Railtrack for regulatory purposes.
  • Assisted in building a complex pensions block liability model for a group of investors.

TMT

  • Produced a report on the value of an international mobile and fixed line phone operator.
  • Developed a business plan for a UK mobile operator to support various strategy initiatives and developed an Economic Value Added model.
  • Advised three European Telecoms on a range of regulatory issues and the value of their business for regulatory purposes.
  • Advised Kingston Communications on the valuation of its regulated activities.
  • Appointed by ComReg to review Eircom’s proposals to separate itself structurally into a wholesale company and a retail company.
  • Engaged by a mobile operator in the UK to respond to Ofcom’s consultation on call termination.
  • Engaged by a mobile operator in the UK to respond to Ofcom’s consultations on mobile number portability.
  • Engaged by a mobile operator to respond to Ofcom’s Mobile Liberalization consultation.
  • Engaged by ComReg to determine financial information Eircom should provide to allow the regulator fulfil its regulatory duties.
  • Worked with a 3G operator in the UK on a study of the net benefits associated with the diffusion of 3G.
  • For Ofcom, developed a set of regulatory training modules on economic regulation in the communications sector in the UK. 
  • Assisted a UK TV satellite and telecoms company to develop revenue and pricing strategies for a number of core activities.
  • Assisted a Swedish media company on various regulatory issues relating to the development of an interactive TV product offering.
  • Advised Ireland's National Television and Radio Broadcaster on its regulatory strategy. 
  • For a UK television company provided consulting advice on the economic value add of its different operating units.
  • Assisted certain regulated television companies with their response to the ITC’s consultation paper on the value of channel 3 licences.
  • Advised a sporting association on the value of certain football broadcasting rights and valued an Internet sports associated portal proposition.

Energy Experience

  • Appointed as an expert on two power sector reforms in Central and Northern India, which required the separation of the incumbent state electricity company. Worked extensively in India over a period of 18 months and was responsible for valuing the separated companies and setting electricity prices.
  • Advising Saudi Aramco on how to set its cost of capital in the Middle East and how to evaluate projects in developing markets.
  • Advised a South African gas company on aspects of regulation, particularly in relation to its gas transportation network and supply activities.
  • Advised a company on the value of it gas and energy networks in Africa. 
  • Produced a report on the value of a gas-fired power plant in the UK.
  • Advised Ofgem on the valuation of eight regional gas networks.
  • Advised an electricity company on the sale of various gas distribution networks.
  • Advised Ofgem on the valuation of BG’s gas trading business.
  • Produced a report on the value of British Gas for tax purposes.
  • Valuation of British Gas’ take or pay liabilities.
  • Advised a consortium of bidders on two attempted regional electricity company transactions.
  • Appointed by the regulator in Oman to determine regulated electricity prices. Currently, advising the regulator on how to set retail price controls, including regulated profit margins.
  • Between 1995 to 2002, provided extensive consulting services to Ofgas and Ofgem on issues relating to retail price regulation. Advised on the introduction of retail competition. Designed and set retail gas prices in three separate price controls. Advised on regulated profit margins. Advised Ofgem on storage and metering costs.
  • For Ofgem, performed a study on the efficiency of UK gas distribution companies.
  • For Ofgem, advised on Transco’s future costs for setting regulated prices.
  • Advised Ofgas on an application made by British Gas Trading to rebalance its domestic gas tariffs.
  • Audited a model prepared by Ofgem to regulate the UK gas industry. 
  • Performed a detailed review of an electricity distribution company during the 2009 price control.
  • Advised Ofgem on the RPI-X@20 review on the role of ex post regulation.
  • Advised Ofgem on the RPI-X@20 review on extending rights of appeal.
  • Provided support to the DTI with respect to its notification of State aid to the European Commission in relation to British Energy, which required the valuation of nuclear liabilities.

Regulatory Expertise - Transport

  • Engaged by Gatwick Airport to assist (over a two year period) with the CAA’s Q6 price control. Ask to assess airport charges on a long run incremental (LRIC) basis. Provided advice on issues regarding the future regulation of its services, including both the appropriate form of regulation and the level of prices.
  • Providing advice to a large European airport in the development of the economic and financial evidence it will submit in support of its bid to be the location selected for the construction of additional runway capacity to serve the country’s capital city.
  • Produced an expert report for the CAA on NATS’ costs and accounting policies.
  • Produced an expert report for the CAA, which provided an assessment of NATS’ revenue and cost allocation processes.
  • Produced an expert report for the CAA, which provided an assessment of NATS’ back office efficiency
  • Produced an expert report for the CAA, which provided an assessment of BAA Airports’ revenues and costs allocation processes.
  • Acted as a regulatory advisor to CAA on Airport cost efficiency.
  • Produced two expert reports for Network Rail in response to the Office of the Rail Regulator’s conclusions for efficiency targets.
  • Acted as QA director on an engagement to provide a financial audit of Railtrack’s fixed track access allocation model.

Regulatory Expertise - Water

  • Advised a water company on its price control determination, and on whether there were grounds to appeal Ofwat’s decision to the UK Competition Commission.
  • Advised Bristol Water on price control matters during the PR09 review.
  • Advised WICS on options for the further development of competition in the water industry.
  • Provided assistance to WICS in its price regulation of Scottish Water’s remaining monopoly business.
  • Helped design the methodology for WICS to calculate the wholesale charges applying to pre-existing non-standard tariff agreements.
  • Audited the separation between Scottish Water and its retail subsidiary, Business Stream. The review examined whether the two companies had demonstrated sufficient accounting, legal, operational and informational separation to allow Business Stream to qualify for a licence in the new competitive market.
  • As part of the wider price control process, produced a report that identified and quantified the factors that constrain the size of capital investment programmes that can be delivered efficiently.
  • Advised WICS on governance options of Scottish Water.
  • Produced an expert report for NIAUR on the efficiency of the water sector in Northern Ireland. 
  • Prepared a presentation to IEA Annual Conference on Water (2003) on the implications of Ofwat’s Periodic Review. The presentation focused on Ofwat’s cost of capital conclusions and assessed the financial and economic implications of its proposals, in terms of financial viability.

Regulatory Expertise - Post

  • Advised Royal Mail on its relative efficiency using panel techniques.
  • Advised Royal Mail on a range of Price Control issues.
  • For Postcomm, produced a report reviewing volume trends in Europe and the rest of the world and assessed the drivers of these trends.
  • For Postcomm, produced a report evaluating Royal Mail’s application to be allowed to introduce zonal pricing for certain bulk products.
  • For Postcomm, reviewed Royal Mail’s financial position to identify the underlying causes of weaker financial viability.
  • For Postcomm, produced a report evaluating ring fencing and separation choices for the contestable parts of Royal Mail’s value chain.
  • For Postcomm, produced an expert report assessing the efficiency of Royal Mail.
  • For Postcomm, developed a price control financial model to determine the total level of allowable revenues over a price control and for testing different tariff structure options.
  • For Postcomm, developed a set of best practice principles for allocating costs between Royal Mail’s business units and to products.
  • For ComReg, reviewed the 2001 Accounting Direction and developed a revised Accounting Direction, together with supporting explanatory material.  The study was published by ComReg on 29 September 2006.
  • For ComReg, in light of the Third Postal Directive, determined: i) what was the most appropriate form of price regulation for the Irish market following liberalisation; ii) how should quality standards for universal service be defined, set and regulated; and iii) what steps, if any, needed to be taken to secure the provision of the universal service?

Financial Services

  • Advised Visa CEMEA on an effective system for selecting and incentivising acquirers, taking into account the multisided nature of the payment card market.
  • Advised Visa CEMEA on how to segment countries based on a range of factors.
  • Assisted a major UK Retail Bank with their credit card pricing and marketing strategy.
  • Conducted a strategic review of Visa International’s pricing structure and competitive position.
  • Assisted Visa International by conducting detailed market and competitor analysis and he performed a sophisticated segmentation analysis on the customer base to determine whether differential pricing could be introduced across geographical regions.

Management/Business Consulting

  • Performed a review of IT usage within a large professional services firm.
  • For a large utilities organisation reviewed the rationale for the creation of a new engineering division.
  • Created a foreign subsidiary translation and consolidation model for a large plc.
  • Acted as management accountant for a three month period for a market-leading pharmaceutical manufacturer.
  • Performed a comprehensive support functions review for a major professional services firm.
  • For a large US oil and gas operation performed a business review of their risk management operations.
  • For UK gas utility helped to develop the financial management reporting function to assist regulatory reporting.
  • Designed and implemented a financial management information system for a UK gas transmission business.

Audit

  • During a two-year period in Arthur Andersen’s audit and business advisory division, Greg was involved in the statutory audits of both public and private clients. This work also involved preparation of statutory financial statements. (1991–1992).

Office

200 Aldersgate Aldersgate Street London EC1A 4HD United Kingdom
TEL +44 20 3727 1000 FAX +44 20 3727 1007

Expertise

Related Industries

Certifications

Chartered Accountant

Education

BSc in Management Sciences, University of Manchester, Institute of Science and Technology

MSc in Competition and Regulatory Economics,
The City University London

Executive Programme, Oxford University

Executive Leadership Programme, Darden School of Business, University of Virginia

Association

Fellow of the Institute of Chartered Accountants in England and Wales

Member of the Society of Share and Business Valuers
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