{"id":26548,"date":"2020-11-13T15:52:32","date_gmt":"2020-11-13T15:52:32","guid":{"rendered":"https:\/\/unitelive.org\/?p=26548"},"modified":"2020-11-13T15:52:35","modified_gmt":"2020-11-13T15:52:35","slug":"carillion-latest","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=26548","title":{"rendered":"Carillion latest"},"content":{"rendered":"
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The announcement today (November 13) by the Financial Conduct Authority (FCA) watchdog that senior executives of Carillion \u00e2\u20ac\u0098mislead\u00e2\u20ac\u2122 the markets and acted \u00e2\u20ac\u0098recklessly\u00e2\u20ac\u2122 should result in the guilty being sent to prison, Unite the union has said.<\/p>\n\n\n\n

Construction and outsourcing company, Carillion, collapsed in January 2018 owing billions, resulting in thousands of workers either directly employed by the company or in its supply chain losing their jobs.<\/p>\n\n\n\n

It was one of the largest corporate failures in UK history and nearly three years later the FCA has not yet completed its investigation into Carillion\u00e2\u20ac\u2122s collapse.<\/p>\n\n\n\n

In a warning notice sent today the FCA said that a number of senior executives were “knowingly concerned\u00e2\u20ac\u0165 in numerous breaches of market rules and had acted recklessly.<\/p>\n\n\n\n

The FCA\u00e2\u20ac\u2122s findings relate to statements that Carillion made to the markets in December 2016, March 2017 and May 2017, that did not reflect the true financial performance of the company.<\/p>\n\n\n\n

Those involved have 14 days to answer the FCA\u00e2\u20ac\u2122s charges. However if the FCA does find them guilty, it has indicated there will merely be a public censure, rather than financial penalties or custodial sentences.<\/p>\n\n\n\n

Unite assistant general secretary Gail Cartmail said,\u00e2\u20ac\u015bIt is astonishing that nearly three years after Carillion\u00e2\u20ac\u2122s collapse no one has yet been charged let alone convicted over their actions.<\/p>\n\n\n\n

\u00e2\u20ac\u015bWithout a doubt Carillion had been trading while insolvent for some time before its collapse.<\/p>\n\n\n\n

\u00e2\u20ac\u015bThis was not a victimless white collar crime, thousands of workers lost their jobs,” she added. “If executives and directors had reported honestly on Carillion\u00e2\u20ac\u2122s financial predicament, many of those job losses could have been avoided.<\/p>\n\n\n\n

\u00e2\u20ac\u015bThis case demonstrates everything that is wrong with corporate law in the UK, a failure to act before a company collapses, very slow investigations following a collapse and then if action is taken it is only a slap on the wrist,” Cartmail continued. <\/p>\n\n\n\n

\u00e2\u20ac\u015bPublic censure is not a sufficient punishment, the guilty should be going to prison.<\/p>\n\n\n\n

\u00e2\u20ac\u015bThe government needs to get its head out of the sand and introduce legislation which will end this form of bandit capitalism once and for all.\u00e2\u20ac\u0165<\/p>\n\n\n\n

By Barckley Sumner<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The announcement today (November 13) by the Financial Conduct Authority (FCA) watchdog that senior executives of Carillion \u00e2\u20ac\u0098mislead\u00e2\u20ac\u2122 the markets and acted \u00e2\u20ac\u0098recklessly\u00e2\u20ac\u2122 should result in the guilty being sent to prison, Unite the union has said. Construction and outsourcing company, Carillion, collapsed in January 2018 owing billions, resulting in thousands of workers either directly […]<\/p>\n","protected":false},"author":2,"featured_media":14453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1308,1],"tags":[855,167,316],"wps_subtitle":"Unite: Carillion\u00e2\u20ac\u2122s reckless path to destruction should result in guilty being properly punished","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/26548"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26548"}],"version-history":[{"count":2,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/26548\/revisions"}],"predecessor-version":[{"id":26550,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/26548\/revisions\/26550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/14453"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}