Carillion Deceived on Debt, Lawmakers Say in Damning Report

Carillion Plc deceived lenders and investors about its debt levels and was enabled by “complacent” auditors who failed to challenge its “aggressive” accounting, according to a U.K. Parliament report. The collapsed British company that built and managed government projects “failed to publish the trustworthy information necessary for investors who relied on public statements,” parliamentary committees investigating Carillion said in a 107-page report published on Wednesday. Lawmakers blamed former Carillion executives, auditors and advisers for the January bankruptcy, which left unpaid debts of about 1.6 billion pounds ($2.2 billion), including bank loans and defaulted bonds.