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Carillion under investigation by financial watchdog

Carillion power lines

Carillion confirmed this morning that it is being investigated by financial watchdog the Financial Conduct Authority (FCA) over announcements the company made last year.

Troubled construction giant Carillion, which has won work on HS2, revealed this morning that the FCA is investigating the “timeliness and content” of announcements made in the first half of last year.

“The Financial Conduct Authority (the “FCA”) has notified Carillion plc (“Carillion”) that it has commenced an investigation in connection with the timeliness and content of announcements made by Carillion between 7 December 2016 and 10 July 2017. Carillion is cooperating fully with the FCA,” said the company in a statement.

Carillion declined to comment further. In July last year the firm suffered an £845M writedown, which saw 70% wiped off its share value at the time.

It has also seen a leadership shake-up, with finance director Zafar Khan leaving the firm in September just nine months after joining, and chief executive Richard Howson stepping down in July last year.

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