Carillion board oversaw a 'rotten corporate culture', say MPs

Carillion's board presided over a "rotten corporate culture" and was culpable for its "costly collapse", two committees of MPs have concluded.

They also accused the government and big four accounting firms of failing to stop Britain's second biggest construction firm from going under.

The MPs said regulators should now consider banning the former directors from serving on other company boards.

Carillion collapsed under a £1.5bn debt pile in January.

It employed 43,000 people, about 20,000 of them in the UK, and thousands of jobs have been lost.

It also held numerous public contracts, such as the maintenance of schools and prisons, all of which had to be brought under government control.


source:www.bbc.com