Three directors of defunct U.K. construction company Carillion plc. face being fined more than $1 million for publishing misleading accounts of the firm's financial condition in the two years before its collapse in January 2018. Carillion itself would have been fined $46 million if it had been solvent.
According to the U.K. Financial Conduct Authority, the company "recklessly published announcements" that "did not reflect significant deteriorations in the expected financial performance of [its] U.K. construction business and the increasing financial risks associated with it."