Overview
- Richard Adam was fined £232,800 and Zafar Khan £138,900 after both withdrew challenges to the regulator’s findings.
- The FCA said the pair acted recklessly and were knowingly concerned in breaches of the Market Abuse Regulation and Listing Rules, including issuing signals that misrepresented the share value.
- As finance directors they were responsible for controls over financial reporting, which the FCA found were inadequate to ensure proper contract accounting judgments.
- Former chief executive Richard Howson disputes related findings, with an Upper Tribunal hearing scheduled for 16 February 2026.
- Carillion collapsed in 2018 with almost £7bn in liabilities, more than 3,000 job losses and an estimated £150m taxpayer cost, and KPMG was fined £20.9m by the FRC in 2023 over its audit.