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Watchdog probes Carillion over insider trading

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Allegations of insider trading at Carillion have come to light during an investigation into the financial conduct of the company. 

The Financial Conduct Authority (FCA) has revealed that it is “aware of allegations of insider trading in Carillion’s shares prior to its trading update on 10 July 2017 and is looking into them.”

Carillon is being investigated over the timeliness and content of financial announcements, the FCA said, with a focus on the trading update on 10 July last year when the firm suffered a £845M writedown which saw 70% wiped off its share value.

The probe was announced on 3 January, two weeks before the construction giant collapsed.

The company is also facing a separate investigation by the Financial Reporting Council (FRC), which is examining KPMG’s audit of Carillion for the years 2014 to 2017 and the behaviour of finance directors Richard Adam and Zafar Khan. 

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