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Started: nlondon1234, 13 Nov 2020 19:10
Last post: mohdburhan314, 22 Jul 2021 13:56
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.”'
Started: bentcasino, 16 Jan 2019 18:13
Last post: bentcasino, 16 Jan 2019 18:13
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 ?
Started: Tame2017, 8 Jan 2019 09:34
Last post: Tame2017, 8 Jan 2019 09:34
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 !
Started: Jambon, 15 Aug 2018 23:44
Last post: Jambon, 15 Aug 2018 23:44
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.
Started: Cllnconfd, 30 Jul 2018 10:03
Last post: Cllnconfd, 30 Jul 2018 10:03
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?
Started: ThinKat, 30 Jun 2018 10:36
Last post: ThinKat, 30 Jun 2018 10:36
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!
Started: Justafewquid, 20 Jun 2018 12:29
Last post: snige, 20 Jun 2018 19:56
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.
Started: checkricky, 11 Jun 2018 09:51
Last post: checkricky, 11 Jun 2018 09:51
Started: Stanc50, 6 Jun 2018 19:32
Last post: vijaykuve, 7 Jun 2018 21:31
Yep. Cash in the account! Glad its all sorted!
Payment made back from sale of shares sold on friday 12th jan
Started: vijaykuve, 27 May 2018 11:05
Last post: vijaykuve, 27 May 2018 11:05
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 !
Started: Dar-, 16 May 2018 18:35
Last post: Dar-, 16 May 2018 18:35
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.
Started: fairdealer20, 16 May 2018 09:44
Last post: fairdealer20, 16 May 2018 09:44
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.
Started: fairdealer20, 27 Mar 2018 10:51
Last post: snige, 15 Apr 2018 19:47
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.
I do agree with everything you have said, fairdealer 20, 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.......
It has now been revealed Howson negotiated a secret package upon his removal. The BOD agreed and secret accounts were created too accommodate Share options Howson had demanded. Those options were not exercisable until 2019 & 2020 so are worthless...ha ha. This yet again, demonstrates the deceptive, dishonest and incompetent Management Cariilion employed. Trust the full weight of the Law will be thrown at the Individuals responsible, if only to show others " you cannot manage a Major, or any, Company, in a self-serving manner as operated in Carillion".
Started: qweqweqwe, 11 Mar 2018 12:58
Last post: Dar-, 12 Mar 2018 10:48
Sorry fairdealer20, "Some should end up in Gaol" not enough gaols,the UK would have to build a number gaols each year. ATB DAR
Believe Kiltearn were looking to sue after the July announcement. Whether they still have the Interest is anyone's guess, but worth a contact. Seeing how the BOD payed Financial advisors �5m just 24 hours before filing for Compulsory Administration is deplorable. Some should end up in Gaol
Think it was pretty much private investors at the end. That doesn't matter too much as the likes of Standard life,Kiltearn,Letko are cheesed off because they still took a massive hit reducing thier positions from late summer.
Does anyone have a list of institutional investors with percentage holdings before this company went belly up? Spare a thought for the investors who invested in CLLN via the II who lost their clients� money and charged them a management fee for the privilege!
Started: H-hi, 4 Mar 2018 19:34
Last post: snige, 4 Mar 2018 23:08
H-hi,i don't think anyone on here was able to shut you up.We all got called idiots,morons,muppets etc etc its a part of posting. Yes you got it right,best ponzi for a long time. Its great watching this story unfold.Would like to know why Blackrock attempted to reduce so quickly towards the end,seems suspicious.
They liquidated the company via excessive pay, negligence and huge cash divi from imaginary profits. Some dumb guys here tried to shut me up, calling me emotional woman...........Coch knew the game plan back in July 17 and his job was to tip CLLN to liquidation.
KPMG quoted this,Scope of review "We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements". Wouldn't you think "going concern" is a misstatement?Page 24 states, "For this reason, and notwithstanding that the interim balance sheet shows a net liability position, the Board continues to adopt the going concern basis in preparing the interim financial statements".
Clln know of no material reason that all share holders are plssed off lol !! Sounds like the scam of the century those mongrels pulled!!
Started: fairdealer20, 27 Feb 2018 08:13
Last post: H-hi, 27 Feb 2018 09:33
The insiders liquidated the company and never attempted to rescue it. With the order book, why didn�t they raise money in July? Serco and Balfour Beatty raised capital so why didn�t they raise cash to plug hole, slash costs, sell assets, reduce overheads, some clawbacks from previous bonuses. The directors were scared they would have to repay their fake bonuses so they went down liquidation route. They knew banks won�t lend them money and the government would be stupid to be paying the directors huge salary too.
Minutes have revealed, a Senior Lawyer warned Directors at a Board Meeting last May, they may be guilty of misleading the Stockmarket
Started: snige, 26 Feb 2018 09:21
Last post: snige, 26 Feb 2018 21:36
Here's another one,Adams sold his share in March 2017 and May 2017,prehaps someone tipped him off on the 1st of March 2017 that there was going to be a massive write down. https://www.theguardian.com/business/2018/feb/26/ex-carillion-cfo-sold-800000-in-shares-after-retirement
Whata.Was an internal auditor back in the 1970's and the boss at the time was more than happy for us to make some discreet phone calls to customers and politely request for any payments they had made so we could check its progress through our accounts. The external auditor for KPMG must of said it over 30 times that when he approved the accounts for 31st Dec 2016 all was in order(a going concern).I think he was concerned about the 12 month rule,yet at audit committee meeting in Feb they knew the debt was higher than the �76m on the Qatar contract but never amended the debt on the published accounts released in March 2017.
http://parliamentlive.tv/event/index/0c6ee4d2-6b17-4782-9db4-5c615904a55b?in=09:15:48 Internal audits role is not only to install robust procedures but to follow up and make sure they are working.If it requires phone calls on major contracts(Qatar) to see if revenue is following its correct route then this should be done.Even if its only to prove that money isn't being nicked. Internal audit is there to investigate and question.
Started: Anybody, 22 Feb 2018 08:50
Last post: snige, 22 Feb 2018 11:46
Well could start with contempt of Parliament.Coch said no payments recieved from Qatar for 18 months but Qatar are saying that they did pay.Cannot be to difficult to prove that. If KPMG are complicit i couldn't think they are short of a few bob. If HMG want to make an example,there has never been such a good opportunity.
Whatamess.The shares went into oblivion together with the company.Who should refund the shareholders,and where does the money come from?The Government certainly will not.there is no crock of gold. As for jailing the directors,the only way this could happen is if could be proven that they continued trading when knowing that the company was insolvent,this is a criminal offence.Difficult to prove,and would take hours of accountancy to find the fraud.It would not get your money back though unless you took out civil proceedings against the directors,and this would be costly and unlikely to succeed.
Last post: Anybody, 21 Feb 2018 09:40
Thanks for your wise words. I have dabbled in oil before and made and lost fortunes Lol. So far so good 25% up this week on MATD and thanks for the tip on I3E. I will derisk on the way but I cannot imagine loosing the lot like here. GLA. You all deserve it.
Thank you for your compliment.Great fun between us! Who dares wins!Be careful,you are entering dangerous territory,and may not recoup your losses. Do not crash and burn.I do not want to be writing a second stanza!
Last post: CRB14, 20 Feb 2018 07:18
I3E appears to be gaining traction. Obvs DYOR and all that
Great Post Anybody. I am sticking to dodgy AIM oil exploration shares from now on! MATD looks the best of a bad bunch. It is do or die time to recoup some cash. He who wins!
EVERYONE KNOWS WHERE YOUR MONEY HAS GONE YOU ONCE OWNED THE COMPANY BUT NOW IT HAS FLOWN. UP UP INTO THE ETHER WHERE THE AIR IS SO RARE, YOU'LL BE LUCKY IF YOU GET JUST A PENNEY A SHARE. THE DIRECTORS HAVE PARKED YOUR MONEY OFF-SHORE, THEY'LL NOT BE WORRIED IF YOU CRY OUT FOR MORE. IT'S WARM AND SUNNY IN THE ISLE OF MANN, THEY'LL BE FIGURING OUT WHO NEXT THEY CAN SCAM.
Started: mick-b, 19 Feb 2018 13:41
Last post: CRB14, 20 Feb 2018 07:17
Oh I know - i was being a little facetious. Nobody is lily white in the industry unfortunately and whilst the board must be held accountable people in the industry and big clients need to take a long hard look at themselves. The issue with low margins and poor cash flow ultimately stems from clients not wanting to pay their way. I've seen it time and time again.
Tis a silly joke m8 Better to laugh it off than remain bitter ALL equities are high risk btw