LONDON (UK) – The Financial Conduct Authority of Britain said on Friday that collapsed builder Carillion and a few of its executive directors were “reckless” in failing to make sure that public announcements did not cause investors to go astray.
“They made misleadingly positive statements about Carillion’s financial performance generally and in relation to its UK construction business in particular, which did not reflect significant deteriorations in the expected financial performance of that business and the increasing financial risks associated with it,” the FCA said.
“In relation to Carillion, a public censure is proposed,” the FCA statement said.