EbeneInfo – GB – Carillion bosses face a 15-year ban on corporate management


Posted: 22:52 GMT, Jan. January 2021 | Updated: 23:08 GMT, Jan. January 2021

The new economy minister Kwasi Kwarteng has taken legal action against eight former Carillion directors three years after the collapse of the construction company

Carillion went bankrupt in January 2018 after running into heavy debt while working on large public projects. Those on trial include the former chairman, two executives, two finance directors, and three non-executives

If the action is successful, you may be banned from running companies for between two and 15 years

The new Economics Minister Kwasi Kwarteng has taken legal action against eight former Carillion directors three years after the construction company collapsed

The best known names in court documents are Philip Green – Carillion chairman from May 2014 until his liquidation – and Richard Howson, executive director from 2011 to 2017 Keith Cochrane, a Howson executive director, was also named

The bankruptcy service said: « We can confirm that the Secretary of State has initiated disqualification proceedings against eight directors and former directors of Carillion in the public interest »

The move comes after criticism earlier this week for lack of action against Carillion. In November, the Financial Conduct Authority (FCA) found the directors “acted recklessly” and released “misleadingly positive” updates in the year before their collapse / p>

According to the Watchdog investigation, directors were aware of the deterioration but failed to alert the market or its own board of directors and audit committee.The Carillion directors were not nominated by the FCA but received warnings

Thousands of jobs were lost after the company’s collapse, one of the UK’s biggest business failures, Carillion was one of many private companies operating public services in the UK, but it had struggled to survive and raised profit warnings after contract delays and a downturn

It also comes just a day after Kwarteng announced proposals to restructure the accounting firms.They have come into the spotlight for failing to hoist red flags in front of a litany of corporate failures like the Patisserie Valerie and Carillion coffee shop chain

The legal action is a bold move by Kwarteng, who was named business secretary last week The predecessor Alok Sharma now fully concentrated on his role as President of the UN COP26 global climate negotiations in Glasgow later this year

Kwarteng, 45, educated at Eton and Cambridge, was first elected in 2010 and is one of the authors of a controversial pamphlet Britannia Unchained in 2012, which called Britons « among the worst idlers in the world »

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Carillion, Board of Directors, Keith Cochrane, Construction, Philip Nevill Green, Richard Adam

EbeneInfo – GB – Carillion executives face a 15-year ban on corporate governance

Source: https://www.thisismoney.co.uk/money/markets/article-9144371/Carillion-bosses-face-15-year-ban-managing-firms.html

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