Eight years after collapse of construction giant, audit regulator bans former Carillion accountants from practising and issues fines totalling £379,747 for misconduct
The Financial Reporting Council (FRC) has imposed sanctions against two former finance directors of Carillion plc, Richard Adam who was group financial director from 2012 to 2016 until his retirement, and Zafar Khan, who was group financial controller until 2016, when he was promoted to group finance director.
The regulator said Adam and Khan ‘both acted recklessly and failed to act with integrity in connection with the preparation of accounting information for Carillion’s financial statements, prior to the company’s collapse in 2018’.
Their misconduct was related to ‘certain specific transactions, major UK construction contracts and a supply chain finance facility’, the FRC said, for the financial statements for 2013 and 2016 inclusive and the half year to 2017.
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