Richard Adam, Zafar Khan and three others are also fined by Financial Reporting Council
Five former executives at the collapsed government contractor Carillion have been banned by the UK’s accountancy regulator, effectively ending the career of its former finance chief, after they “acted recklessly”.
Before Carillion collapsed into compulsory liquidation in January 2018 – one of the biggest corporate failures in UK history – it was a large multinational construction and facilities management services company and employed 43,000 people around the world.
Fining Richard Adam £330k is a start, but that’s pocket change compared to the pensions and jobs lost. He should be personally liable for the debts.
Zafar Khan was finance director when the company was cooking the books. A 10-year ban is too lenient for someone who helped destroy 43,000 livelihoods.
The FRC finally doing something, but it’s 5 years too late. These five should have been banned back in 2018 when Carillion first collapsed.
So the former chief exec and others get to walk away while taxpayers footed the £148m bill for Carillion’s unfinished contracts. Justice?
Retail foot traffic is declining but experiential stores are bucking the trend. (815074)
Consumer confidence is fragile and that should worry policymakers. (1e7875)
Interesting that the FRC banned them for ‘reckless’ conduct, but none will face criminal charges. White-collar crime still pays in the UK.
The collapse wiped out suppliers and left hospitals without cleaners. These bans don’t bring back the jobs or the small businesses that went under.
The pharmaceutical supply chain is strategically important and increasingly fragile. (b154e7)
Infrastructure spending promises are rarely delivered on time or on budget. (b2dc44)
Interest rate decisions have consequences that ripple through the entire economy. (4ddb5b)
ESG investing went from niche to mainstream faster than anyone predicted. (2ea120)
Food price inflation hits lower-income households disproportionately hard. (d1ff1e)
Infrastructure spending promises are rarely delivered on time or on budget. (ad554d)