FCA Fines Ex-Carillion Executives for Misleading Market Statements

The UK's financial watchdog, FCA, has fined former Carillion executives Richard Adam and Zafar Khan for issuing misleading statements before the company's 2018 collapse. They overlooked serious issues within the company's construction arm and failed to report them to the board or market.

The UK Financial Conduct Authority (FCA) announced fines for two former directors of Carillion, a major British construction firm that collapsed in 2018, for disseminating misleading statements.

Richard Adam and Zafar Khan, former finance executives, were aware of significant issues in the company's UK construction division but did not disclose these to the market or inform the board and audit committee, according to the FCA.

The fines amount to £232,800 for Adam and £138,900 for Khan, following their withdrawal of appeals against the FCA's findings.

(With inputs from agencies.)