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Two former Carillion finance directors fined by FCA over misleading statements

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Two former Carillion finance directors fined by FCA over misleading statements



Two former finance directors of collapsed firm Carillion have been fined by the City watchdog after acting “recklessly” and playing a part in misleading statements issued by the outsourcing giant before its high-profile demise eight years ago.

The Financial Conduct Authority (FCA) said Richard Adam and Zafar Khan were “both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the board and audit committee”.

The regulator said it had fined Mr Adam and Mr Khan £232,800 and £138,900 respectively, after the pair withdrew their challenges to the FCA’s findings.

It comes six years since the outsourcing giant, which employed 12,000 people, collapsed in January 2018 with massive debts.

Before its failure, Carillion had been one of the UK’s biggest construction and facilities management companies, with several major government contracts.

The FCA said it found the ex-finance directors at Carillion “acted recklessly and were knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules”.

Mr Adam was Carillion’s group finance director from April 2007 to the end of 2016 and was succeeded by Mr Khan, who acted in the role from January 2017 until September of that year.

The FCA said the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting.

“These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately,” it added.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Those in positions of responsibility have a duty to keep the market accurately and adequately informed.

“With Carillion, we have seen the serious impact it can have when they don’t.

“The action taken against Mr Adam and Mr Khan demonstrates our commitment to preventing market abuse and upholding the standards we expect.”



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Ministers urged to stick to ticket tout ban amid fears of delay

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Ministers urged to stick to ticket tout ban amid fears of delay



The Government has been urged to stick to its pledge to ban ticket touting amid concerns the policy will be left out of next month’s King’s Speech.

In November, the Government announced that new rules making it illegal to resell tickets for live events for profit would end the “industrial-scale” touting that has caused misery for millions of fans.

Ministers confirmed plans to make it illegal for tickets to concerts, theatre, comedy, sport and other live events to be resold for more than their original cost.

The Labour manifesto promised stronger protections to stop consumers being scammed or priced out of events by touts, who frequently use bots to buy tickets in bulk the moment they go on sale, which they can then sell on for huge mark-ups on secondary ticketing websites.

The proposed rules make it illegal for tickets to be sold at a price above the face value – defined as the original price plus unavoidable fees including service charges.

Service fees will be capped to prevent the price limit being undermined by platforms, which will have a legal duty to monitor and enforce compliance, and individuals will be banned from reselling more tickets than they were entitled to buy in the initial sale.

A host of globally renowned artists have backed the plan, including Radiohead, Dua Lipa and Coldplay.

Following a report in the Guardian that the minister responsible for the policy, Ian Murray, had told music industry groups not to worry if the measure was not part of the King’s Speech on May 13, the Government said it required new primary legislation that it was working to deliver at the earliest opportunity.

A Government spokeswoman said: “Ticket touts are a blight on the live events industry, causing misery for millions of fans.

“We set out decisive plans last year to stamp out touting once and for all, and we are committed to delivering on these for the benefit of fans and industry.”

The music industry and Which? raised concerns about the suggestion of any delay, as sites appeared to show touts selling tickets for the Radio 1 Big Weekend in Sunderland well above the two-ticket limit for buyers and at vastly inflated prices.

Annabella Coldrick, chief executive of the Music Managers Forum, said: “2026 was supposed to mark this Government moving ‘from announcements to action’ but we have little evidence of this to date.

“A ban on ticket touting was one of only two music-related commitments in the Labour manifesto, alongside fixing EU touring.

“These are widely supported, pro-growth measures that will deliver tangible benefits to the British public. However, if ticket resale legislation is not presented in the King’s Speech, it will have the opposite effect and continue to cost those constituents hundreds of millions of pounds a year.

“This Government needs to stand by its promises and get it done.”

Adam Webb, campaign manager at FanFair Alliance, said: “The Government has a big decision to make: will they ‘put fans first’ or not?

“Last November, ministers committed to ‘bold new measures’ to ban online ticket touting and support consumers.

“Enacting these measures should be a no-brainer but, if legislation is not presented in the upcoming King’s Speech, the cycle of industrial-scale exploitation will continue.”

Lisa Webb, consumer law expert at Which?, said: “The Government has promised to put fans first but, if this legislation is not included in the King’s Speech, the only ones celebrating will be the rip-off secondary ticketing websites and online touts.”



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Warner Bros shareholders approve Paramount’s $111bn takeover

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Warner Bros shareholders approve Paramount’s 1bn takeover



The approval came as Donald Trump is to attend a dinner with billionaire Paramount backers the Ellisons.



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France Ends Airport Transit Visa Requirement for Indian Travellers | Business – The Times of India

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France Ends Airport Transit Visa Requirement for Indian Travellers | Business – The Times of India


Good news for travellers: France scraps transit visa for Indian passport holders

France has lifted the airport transit visa requirement for Indian nationals with effect from April 10, the French Embassy in India announced on Thursday.Indian nationals holding ordinary passports are no longer required to obtain an airport transit visa when passing through the international zone of airports located on French territory during a layover en route to a third country.The change follows a decree amending the 2010 regulations on documents and visas required for the entry of foreigners into French territory. The decree was adopted and published in the French Official Gazette (Journal Officiel) on April 9, 2026.MEA welcomes the moveThe Ministry of External Affairs welcomed the announcement.“We welcome the announcement on the operationalisation of visa-free transit for Indian nationals transiting through French airports,” MEA Spokesperson Randhir Jaiswal said.He recalled that the removal of the transit visa requirement for Indian passport holders was agreed between Prime Minister Narendra Modi and French President Emmanuel Macron during their meeting in Mumbai in February this year.“The government of France has now operationalized this agreement,” Jaiswal added.Who benefitsThe measure applies to Indian nationals transiting through mainland France exclusively by air, remaining in the international airport zone without entering French territory.President Macron had announced during his visit to India in February that measures would be taken to ease travel for Indian nationals via France.

Poll

What do you think is the main advantage of this visa policy change?

The updated procedures have been reflected on the France-Visas platform.



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