US EditionUK regulator fines Carillion's former chief $324,500 over misleading statements
Richard Howson was fined £237,000 after withdrawing his appeal for reckless conduct and misleading market communications before Carillion's 2018 collapse, FCA said.
- Following his challenge being withdrawn, the FCA fined Richard Howson, former Carillion chief executive, 237,000 pounds for regulatory breaches.
- The Financial Conduct Authority said Howson's handling of market communications was `reckless` and found he failed to report financial risks to the board and audit committee before the firm's collapse.
- Carillion employed about 43,000 people including 19,000 in the UK and collapsed with massive debts, leading to thousands of job losses and disruption to public-sector projects.
- In related action, two former finance chiefs, Richard Adam and Zafar Khan, were fined by the FCA over misleading statements, with penalties of 232,800 and 138,900 respectively.
- Regulators say Howson `was knowingly concerned in breaches` of the Market Abuse Regulation and the Listing Rules, with enforcement continuing years after the firm's collapse.
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UK regulator fines Carillion's former chief $324,500 over misleading statements
Britain's Financial Conduct Authority said on Monday it had fined the former chief executive of Carillion, Richard Howson, 237,700 pounds ($324,500) for his role in misleading statements issued by the company before it collapsed.
FCA fines former Chief Executive of Carillion - Credit Connect
The Financial Conduct Authority (FCA) has fined Richard Howson £237,700 for his part in misleading statements being issued by Carillion. As Group Chief Executive, Howson was aware of serious financial troubles in Carillion’s UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight. The fine was imposed after Howson withdrew his challenge to the FCA’s decisio…
Former boss of Wolverhampton construction firm Carillion hit with £237k fine over ‘reckless’ actions
The UK’s finance watchdog has fined the former boss of collapsed construction business Carillion for acting “recklessly” and misleading others over the firm’s precarious financial position.
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