Carillion

The Royal Liverpool Hospital building programme is expected to cost £108m in this financial year, it has emerged. Board papers from the Liverpool University Hospitals NHS Foundation Trust show that the organisation expects to spend the cash this year, although it has not yet been approved by central government. Laing…

Carillion’s liquidator has secured funding for a legal claim against the contractor’s auditor KPMG. Litigation Capital Management (LCM), which provides financing for legal cases, said the claim was linked to KPMG’s auditing of Carillion’s financial statements. It said the case centres on losses of more than £250m. LCM executive vice…

An interim report into last year’s Stonehaven derailment in Scotland, published by the UK Government’s Rail Accident Investigation Branch (RAIB), has identified gravel from a drainage system built by Carillion and designed by Arup as the likely cause of the accident. On 12 August 2020, a train travelling at 73mph…

An inquiry by MPs into supply chain finance is set to begin next week. The public accounts committee is investigating the practice of providing finance against the value of future invoices. The probe has been prompted by links between the collapsed SCF provider Greensill Capital and its connections to the…

KPMG has responded to a report by the financial watchdog into its auditing of Carillion’s accounts between 2014 and its collapse. The auditor’s response brings it a step closer to settlement with the Financial Reporting Council (FRC), according to Sky News. The final settlement is likely to take several months…

An entity named ‘Carillion’ has appeared on an HMRC list of claimants of furlough cash. The list of claimants for the Coronavirus Job Retention Scheme (CJRS) – recently released for the first time in a bid to make the scheme transparent and deter fraud – includes company trading names and…

The government has started legal proceedings to ban up to eight former Carillon directors from holding boardroom posts. Days before the third anniversary of Carillion’s collapse, new business secretary Kwasi Kwarteng launched the legal bid to ban the former bosses from holding director positions. Chief executive Richard Howson, chief financial…

Some Carillion directors “acted recklessly” and released “misleadingly positive” market updates in the year before it collapsed, the financial watchdog has said. Three updates were singled out by the Financial Conduct Authority (FCA) for not disclosing the company’s true financial state, as it announced it had sent out warning notices.…

The Financial Reporting Council (FRC) has indicated its investigation into KPMG’s audit of Carillion has found breaches on the part of the accountant. The FRC has been investigating KPMG’s work across accounting for construction and services contracts, and other financial aspects such as pensions liabilities, goodwill and going concern in…

Carillion’s liquidator has filed a negligence lawsuit against KPMG, the auditing giant who signed off the contractor’s pre-collapse accounts. The Financial Times reports that the official receiver, who collects assets for creditors, is preparing to make a £250m claim against KPMG over alleged negligence in the auditing of the failed…