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Anyone can please advise how can we claim back on shares holding
Yes. This story is not over yet.
If anybody is still hanging around and interested or pops back ever?:P
From the ft
'The UK’s financial regulator has said it is planning to take action against former directors of Carillion, almost three years after the government contractor collapsed under £7bn of liabilities, leaving taxpayers to pick up the pieces.
On Friday, the Financial Conduct Authority announced that it had issued warning notices to the company itself and to “certain previous executive directors” over a series of breaches of financial rules before the business failed.
These include giving “false or misleading signals as to the value of its shares”, “failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive”, and “failing to take reasonable steps to establish and maintain adequate procedures, systems and controls”.
Despite these findings, the FCA only gave details of a proposed “public censure” of the company*, instead of “a financial penalty”. It did not comment on possible sanctions against the directors, or name them, because the case is ongoing. It also stressed that warning notices are not final decisions and individuals may appeal against any decisions to its upper tribunal.
During their tenure, the company ran up debts and sold assets so that it could continue paying dividends to shareholders. It paid performance-related bonuses to executives just months before its collapse.
Campaigners criticised the lack of any detail on possible sanctions against individuals.
However, Nick Bayley, a former FCA regulator who is now head of UK regulatory consulting at Duff & Phelps, said any subsequent enforcement action against directors would have an impact.
“The headline market abuse offence, of being knowingly concerned in recklessly misleading the market, is one that — if proven — will have serious reputational and financial consequences for the individuals involved,” he noted.
Tom Sasse, of the Institute for Government, said it showed that “checks and balances on companies like Carillion remain much too weak and too slow”.
He added: “The government promised reform but we are yet to see it follow through, including with the primary legislation needed to strengthen audit.”'
Some say this was ENRON and ANDERSEN but in the UK with CARILLION and KPMG. Who was the biggest shareholder in CARILLION does it say anywhere ?
Hi all,
I may be the only person who didnt know this, but just in case !
If you want to offset the purchase cost of your Carillion shares against your income for 17/18 and you fill out a self assessment form, do this in the unlisted shares section so the deduction is automated. I did it in the listed shared price and HMRC had to change my form so the deduction would be taken into account. Have to say, HMRC's web chat service to help with SA is pretty good !
Former Carillion boss takes reins of UK's HS2 project Jack Peat Former Carillion boss Mark Davies has been appointed as the managing director for the HS2 joint venture between Balfour Beatty and VINCI. The project is one of the world’s largest construction projects with billions of pounds-worth of contracts put up for the first phase between West Midlands and London. Davies joined Carillion in 2008 and rose to managing director of its UK Infrastructure business until the firm went bust in January 2018. The liquidation cost hundreds of jobs and was the most drastic procedure in UK insolvency law, with liabilities of almost £7 billion.
Looks like shares have done well over last couple of years, but at a low point this year? Any reason why? Is there any sitting going on?
FCA looking into possible insider trading prior to the 10/07/17 profit warning. Share price dropped 40% following the warning, but not if you sold out beforehand!
Too good for them,better of sending them to Gosport NHS they're offer life shortening without consent!.
Did some work on an MOD base this month and Carillion are there! Still working, still carrying out contracts as if nothing has happened. If a bunch of administrators can run the company, makes you wonder why that bunch of fat cat thieves on the board were even needed. They should be rounded up, stripped of all assets and made to start again from the bottom. After a holiday at HMP somewhere where they could ponder for a couple of years over how they have behaved.
Yep. Cash in the account! Glad its all sorted!
Payment made back from sale of shares sold on friday 12th jan
I got the same message very good news i was given up ever getting money returned pay out about 5th june happy days
I have a message from Equiniti that all the suspended trades of CLLN have now been cleared and the funds will be released soon. That is very good news!
I wonder when they will just cancel these ****in shares?!?!? Theu are currently keeping a sipp i had them in open and i want it closed
Back in January the Government made a big decision not to support Carillion,they didn't shy away and they knew the consequence,so why is so hard to get to grips with the big 4 accountancy firms. Just like not supporting Carillion it will be messy but once its out of the way life will go on.Then when an Auditor signs off a set of accounts and gives it the "going concern" stamp,confidence will be restored. Isn't the duty of government to make the UK system the best in the World !
I do agree with everything said I would think the BoD knew of the potential black holes at least 3 years before the sh*t his the fan. Regrettably, all the deceptive, dishonest and incompetent Management, will receive is a rap over the knuckles and possibly banned as directors for a short period of time. As always - many good people suffer because of the greed of a few....... Those 'guilty' will not be punished and PI's will be out of pocket. Isn't the first time this has been allowed to happen and won't be the last. Really sorry for all ATB DAR
They should be charged with fraud and have assets recovered, they are nothing less that criminals and have no doubt cost some people everything!! They deserve prison time same as any other fraud on this scale... the scale of fraud is billions and billions... but then again only one person got charged in the 2007/8 banking scandal/housing market crash!! just look how fred Goodwin walked away from rbs unscathed
They knew a very long time ago, unfortuneately many investors were kept in the dark and even given false hope when the Dividend was payed in May last year. Quite appaling, how Professionals have been able to manipulate and deceive. It would be good, even though PI's will not benefit, to sequestrate assets, although how this can happen in Off-shore territories may be a problem.
they knew about it for a long time, the director should be made to pay, all their asset should be taken away.
throughout, somethings many have know for a long time. It remains to be seen what penalties will be enforced. CLLN has nothing, so no money there, however Auditors and Accountants have a lot to answer and do have funds. Penalising Corporate entities is one thing but, imo, does not get to the root cause as individuals, who according to reports, have been awarding themselves unearned bonus's etc. If the Financial system is too regain it's integrity a very strong message must be sent out too all Directors, by those involved in Carillion being charged. Nothing less will prevent a " Carillion" event occurring again.
The distressing thing is that some investors feel the system is still running smoothly,i was one of them. Having dodgy Directors can be checked if audit is doing its job, however Carillion had Deloittes and KPMG as accountants and this lead to a tremendously toxic mix. I would like justice but cannot see the authorities changing things,small investors,suppliers are deemed as expendable,so will have to be more careful in future but thats hard if you haven't got the truth in front of you. Steered clear of out-sourcing but had a small punt on retailer/wholesaler Conviviality,they couldn't even add up and then found a bill for �30m down the back of the sofa,lol https://www.constructionnews.co.uk/companies/contractors/carillion/carillion-construction-had-69bn-liabilities-when-it-collapsed/10030072.article
The actual figures here now being stated for the total liabilities (7 billion) leaves a big question for investers ! criminal charges should be brought on the scum that led this web of lies.... outright fraud !
whata....understand your view, however once Law and Order breaks down and ceases to be observed the ordinary man/woman will find means to achieve equilibity....not a pretty thought. Over the passed few years there is/has been a growing arrogance within our Corporate Institutions allowing Directors to feather their own nest and too hell with the rest of you. IMO this may go on for a while yet but as sure as day follows night, a correction is going happen which may be very unpleasant. It now seems Carillion's Liabilities amount to more than �6.9billion as at the time of Administration. This must further emphasis the dishonest practices which invested the Company for a considerable time.