CLLN.L - Carillion plc

LSE - LSE Delayed price. Currency in GBp
14.20
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  • U.K. Labour Party Vows ‘Crackdown’ in Audits After Carillion
    Bloombergyesterday

    U.K. Labour Party Vows ‘Crackdown’ in Audits After Carillion

    The opposition U.K. Labour Party proposed a complete overhaul of regulation for corporate auditors and accountants after the collapse of government contractor Carillion Plc exposed shortcomings. John McDonnell, the party’s spokesman on economic issues, in a London speech Saturday announced an independent review to be headed by Prem Sikka, professor of accounting and finance at the University of Sheffield. Restructuring or abolishing regulatory bodies, as well as imposing penalties or fines for malpractice, will be considered in the review, McDonnell said at a party event.

  • Reuters2 days ago

    UK high street slowdown stretching banks' provisioning limits

    Lenders, predominately UK banks, have already taken big hits on £1.6bn of syndicated loans following UK services company Carillion’s (CLLN.L) liquidation in January, and have limited capacity to absorb more losses. “I think UK banks have already used up their budget for provisioning in the first quarter of the year.

  • Auditors Shouldn't Have Long-Term Relationships
    Bloomberg2 days ago

    Auditors Shouldn't Have Long-Term Relationships

    Following the financial meltdown of a key government contractor in the U.K., Carillion Plc., legislators and professionals are discussing the breakup of the Big Four auditing firms. Carillion’s demise caused the debate because, as the construction firm grew increasingly reckless in taking on projects and using creative accounting, KPMG, one of the Big Four, remained its auditor for 19 years – and failed to alert shareholders and regulators of the impending disaster. PwC became Carillion’s liquidation administrator because it was the only one of the Big Four firms that didn’t have a conflict of interest.

  • City chiefs to aid review of under-fire audit watchdog
    Sky News3 days ago

    City chiefs to aid review of under-fire audit watchdog

    Some of the City’s leading figures are being drafted in to aid a Government-commissioned probe of the audit regulator, days after a scathing parliamentary report castigated it over the collapse of Carillion (Frankfurt: 924047 - news) , the construction group. Sky News has learnt that Sir Peter Gershon, the National Grid (LSE: NG.L - news) chairman, Anne Richards, the boss of M&G Investments, and Nikhil Rathi, the London Stock Exchange (Other OTC: LDNXF - news) chief executive, are among roughly a dozen panellists who will assist Sir John Kingman, the former Treasury mandarin who is leading the inquiry. The review was ordered by Greg Clark, the Business Secretary, amid growing criticism of the FRC's scrutiny of audit firms and their clients.

  • Carillion and Britain’s modern kleptocracy
    The Guardian3 days ago

    Carillion and Britain’s modern kleptocracy

    Polly Toynbee rightly calls attention to both the scandal of corporate executive rewards and the political difficulties in getting them curbed (People want fat cats stopped. Labour must prove it’s up to the job, 16 May). As described in my book Corporate Power and Responsible Capitalism?, the Swedish system of nominations committees, which select executives and non-executive directors, has significantly reduced the powers of executives.

  • Reuters4 days ago

    UK high street slowdown stretching banks' provisioning limits

    Lenders, predominately UK banks, have already taken big hits on £1.6bn of syndicated loans following UK services company Carillion’s (CLLN.L) liquidation in January, and have limited capacity to absorb more losses. “I think UK banks have already used up their budget for provisioning in the first quarter of the year.

  • The Wall Street Journal4 days ago

    Big Four Auditors Face New U.K. Calls To Break Apart

    U.K. regulators should consider breaking up the Big Four accounting firms, two parliamentary committees said Wednesday.

  • Carillion collapse: What price will 'big four' auditors pay?
    Sky News4 days ago

    Carillion collapse: What price will 'big four' auditors pay?

    If MPs on the Business and Work and Pensions select committees get their way, the days of the 'big four' audit firms - Deloitte, EY, KPMG and PwC - could be numbered. The pair's joint report on the collapse of Carillion (Frankfurt: 924047 - news) recommends that the Government refers the audit market to the Competition and Markets Authority (CMA), something for which the regulator's incoming chairman, the former MP Andrew Tyrie, has already indicated an appetite. One is that the CMA considers breaking up the big four into more audit firms.

  • Carillion collapse: Who was behind the 'recklessness, hubris and greed' that led to the demise of the government contractor?
    The Independent5 days ago

    Carillion collapse: Who was behind the 'recklessness, hubris and greed' that led to the demise of the government contractor?

    MPs have singled out a number of parties who played a role in the demise of outsourcing firm Carillion, naming both groups and individuals in their report . The politicians – from a joint inquiry by the Business, Energy and Industrial Strategy Committee and Work and Pensions Committee – said the collapse of Carillion was a “story of recklessness, hubris and greed” and pulled no punches in their findings as to what led to the firm’s failure, which put 20,000 jobs at risk. Carillion’s board bears the brunt of the responsibility, the report found, but there were others involved in the behaviour that ultimately pushed the company over the edge.

  • Hedge Funds Are the Good Guys In Carillion Debacle
    Bloomberg5 days ago

    Hedge Funds Are the Good Guys In Carillion Debacle

    A plague on all their houses (plus their second homes, and buy-to-let properties)! A report by U.K. lawmakers on the causes of Carillion Plc’s collapse finds fault with almost everyone involved in Britain’s system of corporate governance. Management, non-executive directors, auditors, advisers and regulators are subjected to varying degrees of opprobrium.

  • MPs' Carillion report blasts former directors, accountants, regulators and government. But will it change anything?
    The Independent5 days ago

    MPs' Carillion report blasts former directors, accountants, regulators and government. But will it change anything?

    The parliamentary report into the collapse of Carillion is like a classic slasher movie. The latter are justly portrayed as the chief villains of this piece, a boardroom full of whingeing Joffrey Baratheons, who presented themselves as “self-pitying victims of a maelstrom of coincidental and unforeseeable mishaps” while presiding over a “rotten corporate culture” characterised by “recklessness, hubris and greed”. The report, meanwhile, says the committees have “no confidence” in the Financial Reporting Council or the Pensions Regulator, which are held to have been “united in their feebleness and timidity” over their approach to Carillion.

  • Carillion: 10 most shocking quotes from the report into its failure
    The Guardian5 days ago

    Carillion: 10 most shocking quotes from the report into its failure

    ‘Carillion relied on its suppliers to provide materials, services and support across its contracts, but treated them with contempt.’ Photograph: Rob Pinney/LNP/Rex/Shutterstock

  • Carillion board was primarily responsible for collapse say MPs
    Sky News5 days ago

    Carillion board was primarily responsible for collapse say MPs

    MPs (BSE: MPSLTD.BO - news) have demanded an overhaul of corporate oversight while blaming Carillion (Frankfurt: 924047 - news) 's board, auditors and regulators for the construction company's spectacular collapse. A joint inquiry by two Commons select committees concluded no-one stopped directors "stuffing their mouths with gold" for years before it went into liquidation in January with debts of up to £7bn, including £2.6bn in pension liabilities. The MPs called for the Government to launch an ambitious and wide-ranging overhaul of corporate accountability, finding that successive administrations allowed Carillion to become a "giant and unsustainable corporate time bomb".

  • Reuters5 days ago

    FRC investigates Carillion's contract accounting, pensions

    (Reuters) - Britain's Financial Reporting Council (FRC) said on Wednesday it was investigating bankrupt construction firm Carillion's contract accounting, reverse factoring, pensions, goodwill and going ...

  • Reuters - UK Focus5 days ago

    Britain's FRC investigates Carillion's contract accounting, pensions

    Britain's Financial Reporting Council said on Wednesday it was investigating bankrupt construction firm Carillion's contract accounting, reverse factoring, pensions, goodwill and going concern as part ...

  • MPs blast Carillion bosses and Big Four accountancy firms for part in outsourcer’s collapse
    The Independent5 days ago

    MPs blast Carillion bosses and Big Four accountancy firms for part in outsourcer’s collapse

    The collapse of Carillion has been branded a “story of recklessness, hubris and greed” by a group of MPs, who have slammed the company’s “relentless dash for cash, driven by acquisitions, rising debt, expansion into new markets and exploitation of suppliers”. The business, energy and industrial strategy (Beis) and work and pension committees published the findings of their inquiries into the failure of the outsourcing group, which went into liquidation in January after struggling to deal with problematic contracts and a growing debt pile. The scathing report by the MPs singles out three former directors as playing a particularly important role in the company’s demise, and said the Insolvency Service should consider disqualifying them as directors.

  • Reuters5 days ago

    Carillion bosses' personal greed and recklessness led to downfall -MPs

    Bosses of the collapsed construction firm Carillion should face an inquiry into their fitness to serve as directors after they masked the company's financial ill-health with accounting tricks before its failure, Members of Parliament said on Wednesday. Carillion, which employed 43,000 people to provide services in defence, education, health and transport, collapsed in January, becoming the largest construction bankruptcy in British history. The failure of Carillion was a story of "recklessness, hubris and greed" and could happen again, a 101-page report by the Work and Pensions committee and the Business, Energy and Industrial Strategy select committee said.

  • Carillion inquiry report demands 'reset' of corporate regulation
    Sky News5 days ago

    Carillion inquiry report demands 'reset' of corporate regulation

    MPs (BSE: MPSLTD.BO - news) have demanded an overhaul of corporate oversight while blaming Carillion (Frankfurt: 924047 - news) 's board, auditors and regulators for the construction company's spectacular collapse. A joint inquiry by two Commons select committees concluded no-one stopped directors "stuffing their mouths with gold" for years before it went into liquidation in January with debts of up to £7bn, including £2.6bn in pension liabilities. The MPs called for the Government to launch an ambitious and wide-ranging overhaul of corporate accountability, finding that successive administrations allowed Carillion to become a "giant and unsustainable corporate time bomb".

  • Carillion bosses' personal greed and recklessness led to downfall: MPs
    Reuters5 days ago

    Carillion bosses' personal greed and recklessness led to downfall: MPs

    Bosses of the collapsed construction firm Carillion should face an inquiry into their fitness to serve as directors after they masked the company's financial ill-health with accounting tricks before its failure, Members of Parliament said on Wednesday. Carillion, which employed 43,000 people to provide services in defence, education, health and transport, collapsed in January, becoming the largest construction bankruptcy in British history. The failure of Carillion was a story of "recklessness, hubris and greed" and could happen again, a 101-page report by the Work and Pensions committee and the Business, Energy and Industrial Strategy select committee said.

  • Entire system failed Carillion, not just directors at the top
    The Guardian5 days ago

    Entire system failed Carillion, not just directors at the top

    Apart from the junior director who tried to speak against the delusion in Carillion’s boardroom, nobody emerges with credit from the two select committees’ post-mortem on the contracting firm. The other directors, led by chairman Philip Green, chief executive Richard Howson and finance director Richard Adam, were directly responsible for the failure because they were either “negligently ignorant of the rotten culture” or complicit in it. The auditors, KPMG, were useless, as was the audit industry’s passive regulator.

  • Blistering report from MPs slams Big Four over 'rotten culture' at Carillion
    The Telegraph5 days ago

    Blistering report from MPs slams Big Four over 'rotten culture' at Carillion

    Blistering report from MPs slams Big Four over 'rotten culture' at Carillion

  • Reuters - UK Focus5 days ago

    Carillion bosses' personal greed and recklessness led to downfall -MPs

    Bosses of the collapsed construction firm Carillion (Frankfurt: 924047 - news) should face an inquiry into their fitness to serve as directors after they masked the company's financial ill-health with accounting tricks before its failure, Members of Parliament said on Wednesday. Carillion, which employed 43,000 people to provide services in defence, education, health and transport, collapsed in January, becoming the largest construction bankruptcy in British history. The failure of Carillion was a story of "recklessness, hubris and greed" and could happen again, a 101-page report by the Work and Pensions committee and the Business, Energy and Industrial Strategy select committee said.

  • Carillion Deceived on Debt, Lawmakers Say in Damning Report
    Bloomberg5 days ago

    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.

  • Carillion: Santander evidence to MPs highlights scandal of late payment
    The Independent7 days ago

    Carillion: Santander evidence to MPs highlights scandal of late payment

    Carillion is a name you’re going to be hearing a lot this week as MPs gear up to publish a potentially explosive report on the outsourcer’s demise on Wednesday. The Work & Pensions and Business select committees, which have been conducting a joint investigation into the scandal, offered a taste of what is to come by this morning making public, and commenting upon, some of the evidence from one of the company’s banks: Santander. As well as being a Carillion lender, the latter offered a scheme through which the company’s suppliers could automatically get their hands on their money rather earlier than the appalling 120 day payment terms it imposed in July 2017.

  • Carillion used suppliers to prop up failing business say MPs
    Sky News7 days ago

    Carillion used suppliers to prop up failing business say MPs

    Carillion (Frankfurt: 924047 - news) executives used suppliers to "prop up their failing business model" according to MPs (BSE: MPSLTD.BO - news) investigating the collapse of the construction and outsourcing firm. The facility allowed suppliers to Carillion - described as "notoriously late payers" - to receive their money earlier via the bank, but at a discount, documents supplied to two parliamentary committees revealed. Credit ratings agency Moody's said that as much as £498m was misclassified as a result, the latest findings from the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) committees said.

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