Financial watchdog opens investigation into struggling Carillion

Carillion fully cooperating with the FCA

Struggling construction group Carillion said this morning that it is being investigated by the financial watchdog over announcements that resulted in a 70 per cent plunge in the company’s share price and the departure of its chief executive.

In a statement today, the struggling construction company said the Financial Conduct Authority (FCA) “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 also added that it is “cooperating fully with the FCA”.

The construction firm has had a difficult last year. In July, its shares plunged 39 per cent when it warned annual results would be “below management’s previous expectations” and wrote off £845m.

In September, Carillion replaced its chief executive Richard Howson and then wrote off an additional £200m.

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