{"id":19548,"date":"2023-07-15T01:42:41","date_gmt":"2023-07-15T08:42:41","guid":{"rendered":"https:\/\/essential.construction\/news\/former-carillion-finance-boss-banned-for-12-5-years\/"},"modified":"2023-07-15T01:42:48","modified_gmt":"2023-07-15T08:42:48","slug":"former-carillion-finance-boss-banned-for-12-5-years","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/former-carillion-finance-boss-banned-for-12-5-years\/","title":{"rendered":"Former Carillion finance boss banned for 12.5 years"},"content":{"rendered":"

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An Insolvency Service spokesperson said: \u201cThe Insolvency Service, acting on behalf of the Secretary of State for Business and Trade, has accepted a disqualification undertaking from Richard Adam for 12 and a half years for his conduct as a director of Carillion Plc.\u201d<\/p>\n

Adam, 65, was finance director at Carillion between 2007 and 2016.<\/p>\n

His ban follows an 11-year disqualification for former Carillion finance director Zafar Khan who held the role for nine months before stepping down shortly before the firm collapsed in 2018.<\/p>\n

Adam was fined \u00a3318,000 last year by watchdogs at the Financial Conduct Authority.<\/p>\n

Details released by the Insolvency Service show Adam \u201ccaused Carillion plc to rely on false and misleading financial information for the preparation of its consolidated Financial Statements for 2015 and 2016 and the reporting, as regards both revenue and costs, of the performance of Carillion\u2019s major construction contracts.\u201d<\/p>\n

Those contracts were: Royal Liverpool University Hospital, Battersea Power Station, Aberdeen Western Peripheral Route, Midlands Metropolitan Hospital and Msheireb Phase 1.<\/p>\n

The level of misstatement for 2015 was \u00a395.4m and \u00a3179.2m in 2016.<\/p>\n

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