Five former Carillion executives banned by accountancy regulator

Five former executives at the collapsed government contractor Carillion have been banned by the UK’s accountancy regulator, effectively ending the career of its former finance chief, after they “acted recklessly”. Before Carillion collapsed into compulsory liquidation in January 2018 – one of the biggest corporate failures in UK history – it was a large multinational construction and facilities management services company and employed 43,000 people around the world. Richard Adam, a former finance director at Carillion and Zafar Khan, his successor in that role and previously Carillion’s financial controller, have already been fined £232,830 and £138,960 respectively by the Financial Conduct Authority for misleading investors. The Financial Reporting Council (FRC) said on Tuesday that Adam, 69, would be excluded from the Institute of Chartered Accountants in England and Wales for 15 years, which amounts to a ban, and effectively spells the end of his career. The FRC also imposed a financial sanction of £222,019, reduced from £550,000, to take into account the FCA’s fine and a settlement discount. Khan, 58, has been banned for 10 years and received a financial sanction of £60,228 from the FRC, reduced from £225,000. Both received a severe reprimand. …