UK Government Sues KPMG for $1.76 Billion for Audit of Construction Giant Carillion with $9.48 Billion of Debts

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UK Government Sues KPMG for $1.76 Billion for Audit of Construction Giant Carillion with $9.48 Billion of Debts

5th February 2022 | Hong Kong

The Official Receiver of the United Kingdom (UK) government has sued KPMG for $1.76 billion (£1.3 billion) for the audit of construction giant Carillion in failing to spot misstatements in accounts with the collapsed construction giant Carillion currently under administration and liquidation with debts of more than $9.48 billion (£7 billion).  The lawsuit by the Official Receiver (Administration of Carillion) against KPMG seeks to recover dividends paid by Carillion to shareholders, advisory fees and losses.  In the filing, KPMG had been Carillion’s auditor for 19 years and earning a total fee of $39.2 million (£29 million).  KPMG has responded that the “responsibility for the failure of Carillion lies solely with the company’s board and management, who set the strategy and ran the business.”

“ UK Government Sues KPMG for $1.76 Billion for Audit of Construction Giant Carillion with $9.48 Billion of Debts “

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Carillion

Carillion plc entered into compulsory liquidation on 15th January 2018.  Prior to its liquidation, Carillion was a major international support services group focused on infrastructure and property services with a portfolio of Public Private Partnership projects and selective construction capabilities. The Group employed around 43,000 people and operated across the UK, in the Middle East and Canada.

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