UK Government Sues KPMG for $1.76 Billion for Audit of Construction Giant Carillion with $9.48 Billion of Debts
5th February 2022 | Hong Kong
The Official Receiver of the United Kingdom (UK) government has sued KPMG for $1.76 billion (£1.3 billion) for the audit of construction giant Carillion in failing to spot misstatements in accounts with the collapsed construction giant Carillion currently under administration and liquidation with debts of more than $9.48 billion (£7 billion). The lawsuit by the Official Receiver (Administration of Carillion) against KPMG seeks to recover dividends paid by Carillion to shareholders, advisory fees and losses. In the filing, KPMG had been Carillion’s auditor for 19 years and earning a total fee of $39.2 million (£29 million). KPMG has responded that the “responsibility for the failure of Carillion lies solely with the company’s board and management, who set the strategy and ran the business.”
“ UK Government Sues KPMG for $1.76 Billion for Audit of Construction Giant Carillion with $9.48 Billion of Debts “
Carillion
Carillion plc entered into compulsory liquidation on 15th January 2018. Prior to its liquidation, Carillion was a major international support services group focused on infrastructure and property services with a portfolio of Public Private Partnership projects and selective construction capabilities. The Group employed around 43,000 people and operated across the UK, in the Middle East and Canada.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit