Carillion Bosses' Personal Greed and Recklessness Led to Downfall

Published in

Bosses of the collapsed construction firm Carillion should face an inquiry into their fitness to serve as directors after they masked the company's financial ill-health with accounting tricks before its failure, Members of Parliament said on Wednesday. Carillion, which employed 43,000 people to provide services in defence, education, health and transport, collapsed in January, becoming the largest construction bankruptcy in British history, the International New York Times reported on a Reuters story. It left creditors and the firm's pensioners facing steep losses and put thousands of jobs at risk. The executives were more concerned with protecting bonuses than finding problems at the firm and presided over a "rotten corporate culture" that led to its costly demise, an investigation by two parliamentary committees found. Read more. (Subscription required.)