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FRC to investigate two former Carillion finance directors

Tuesday 20th March, 2018

The Financial Reporting Council (FRC) has announced that it has commenced an investigation into the conduct of two former finance directors after the collapse of Carillion plc earlier this year.

The investigation of Richard Adam and Zafar Khan former Group Finance Directors will be conducted under the Accountancy Scheme.

The investigation is in relation to the preparation and approval of the financial statements of Carillion plc for the years ended 31 December 2014, 2015 and 2016, and the six months ended 30th June 2017, and the preparation and reporting of other financial information during the period 2014-2017.

The FRC is liaising closely with the Official Receiver, the Financial Conduct Authority, the Insolvency Service and The Pensions Regulator to ensure that there is a joined-up approach to the investigation.

Carillion the UK's 2nd largest construction company collapsed in January 2018 leaving its 20,000 UK employees with an uncertain future and pension concerns.