UK watchdog proposes to censure Carillion for being ‘reckless’

A worker operates a crane on Carillion's Midland Metropolitan Hospital construction site in Smethwick, Britain

Collapsed builder Carillion and some of its executive directors were “reckless” in failing to ensure that public announcements did not mislead investors, Britain’s Financial Conduct Authority said on Friday.

“They made misleadingly positive statements about Carillion’s financial performance generally and in relation to its UK construction business in particular, which did not reflect significant deteriorations in the expected financial performance of that business and the increasing financial risks associated with it,” the FCA said.

“In relation to Carillion, a public censure is proposed,” the FCA statement said.

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