Carillion Investors Were 'fleeing For The Hills'

[mikey4444]

http://www.bbc.co.uk/news/business-43107500

The construction firm's annual reports were a worthless guide to its financial health and raise major questions about corporate governance, the MPs say.

Lets hope there are some arrests soon.

[cassa333]

As would anyone with money invested. Take it out asap rather than lose the lot.

[mikey4444]

This whole Carillion business stinks to high heaven....even when the company was defaulting in its payments to its contractors, the Big Bosses were still raking it in by the shovel load.

If they falsified the annual accounts, then that is a criminal act.

[Peter Pedant]

large colume trades are reported in the papers ( FT etc) so I dont think people were misled ....

and is one of the indices which are watched.

MP s talking about running a company when they cant be relied on to run the House of Commons let alone the country

[youngmafbog]

Arrests will only take place is there is deliberate fraudulent activity, it wont cover incompetency.

Where they need to concentrate is the Auditors - KPMG. They should have been auditiing and reporting correctly it is why companies have to have audited accounts. (Maybe the EU should try and get an audit too?)

[youngmafbog]

It's not really down to MP's at nitty gritty level they are not trained in anything usually. That is what the army of civil servants are for.

[Peter Pedant]

// If they falsified the annual accounts, then that is a criminal act.//

yeah OK s2Fraud - but |I dont think anyone is saying that. and we are post 2008 - Enron I agree did ( falsify books) If he didnt like a figure he added a zero onto it ! - and the bean counters complied

later the bean counters admitted they didnt know why they had done that as it was obviously against the law - "if we didnt then someone else would". Atthur Andersen ended up closing as well

[cassa333]

Absolutely agree Mikey.

Not only is there a huge amount of people losing jobs and livelihoods all the small investors have probably lost part of their pensions.

I'm not too bothered about multi millionaires losing a bit of dosh. They can take the hit but pensioners and small investors don't do it for the love of mankind they do it to supliment a meagre state pension.

So where I agree there have been plenty of *** involved in this sorry affair that should be brought to book I feel sorry for all the others being fleeced.

[Peter Pedant]

// (Maybe the EU should try and get an audit too?) //

auditors refused to sign off EU accounts for the fifth year running.

[youngmafbog]

And if there were dodgy dealings in Carillion , like there are in the EU, then KPMG should have refused to sign them off.

[Peter Pedant]

// That is what the army of civil servants are for.//

no mainly mediaeval historians and graduates in portuguese lit. That is why the stats coming out the ministries are so dodgy - no one known what it is all about

and civil servants running nationalised industries wasnt a golden age of good government you know