Former Carillion finance chief handed 11-year boardroom ban for his function in one of many UK’s greatest company failings
Carillion’s former finance chief has been handed an 11-year boardroom ban for his function in one of many UK’s greatest company failings.
Zafar Khan, who served because the outsourcing big’s finance director for lower than a yr earlier than it imploded, has been blocked from holding firm directorships for greater than a decade.
The development group, which was concerned in constructing hospitals and roads, collapsed in early 2018 owing near £7billion.
On the time, it was engaged on about 450 public sector initiatives, leaving hundreds of individuals with out a job and placing main delays on deliberate developments.
An Insolvency Service spokesman mentioned yesterday it had accepted ‘a disqualification enterprise’ from Khan for 11 years ‘for his conduct as a director of Carillion’.
Ban: Zafar Khan, who served as Carillion’s finance director for lower than a yr earlier than it imploded, has been blocked from holding firm directorships
The Insolvency Service refused to remark additional as a result of ‘litigation towards the remaining administrators is ongoing, with a trial set to begin the week of October 16’.
Final yr, Khan, chief govt Richard Howson and Richard Adam, who additionally served as Carillion’s finance chief, have been fined a complete of near £1million for issuing deceptive statements to traders about its funds.
Ben Drew, associate at legislation agency Fladgate, mentioned Khan’s ban was an instance of the Insolvency Service ‘flexing its muscle tissues’.
Khan mentioned: ‘I’ve determined, within the pursuits of my household and eventually to attract a line below this course of, that I’ll present an enterprise to not act a director.
‘Once I took on the function I used to be conscious that the group confronted vital business challenges and I devoted all my energies to overcoming these challenges.
‘I remorse that I used to be not in a position to make a sufficiently big distinction within the quick time I used to be in submit.’