KPMG Reaches Private Settlement with Creditors of Collapsed UK Outsourcing Firm Carillion with $8.4 Billion of Debts, Alleged Negligent in Audit Work & Paid $17.3 Million to UK Authority for Forgery
18th February 2023 | Hong Kong
KPMG has reached a private settlement (undisclosed) with creditors of collapsed UK outsourcing firm Carillion with $8.4 billion of debts (£7 billion), with KPMG alleged to be negligent in audit work and KPMG having paid $17.3 million (£14.4 billion) to UK authority for forgery in May 2022 (UK Financial Reporting Council, FRC). The UK outsourcing firm collapse of Carillion in 2018 led to thousands of job losses, and delay and collapsed of hundreds of projects, including hospitals, schools, roads, prisons and stadium of English Premier League football club Liverpool. Creditors of the collapsed UK outsourcing firm Carillion with $8.4 billion of debts (£7 billion) had paid out more than $250 million in dividends because they had relied on KPMG audits.
“ KPMG Reaches Private Settlement with Creditors of Collapsed UK Outsourcing Firm Carillion with $8.4 Billion of Debts, Alleged Negligent in Audit Work & Paid $17.3 Million to UK Authority for Forgery “
KPMG Reaches Private Settlement with Creditors of Collapsed UK Outsourcing Firm Carillion with $8.4 Billion of Debts, Alleged Negligent in Audit Work & Paid $17.3 Million to UK Authority for Forgery
Carillion plc was a British multinational construction and facilities management services company headquartered in Wolverhampton in the United Kingdom, prior to its liquidation in January 2018.
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
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