Belfast Telegraph

Watchdog probes NIHE contractor

By Ravender Sembhy

Britain's financial watchdog has opened an investigation into infrastructure giant Carillion as the firm's woes continue.

The company, which is embroiled in an ongoing crisis that has involved a string of profits warnings, said that the Financial Conduct Authority (FCA) is probing the "timeliness and content" of announcements made between December 7, 2016 and July 10, 2017.

It covers a period of turmoil for the Northern Ireland Housing Executive contractor in which the firm's share price plunged and its chief executive departed.

Carillion said it is co-operating fully with the FCA. It has contracts worth around £35m with the NIHE every year. Last month the firm, which is scrambling to reduce its debt pile, struck an agreement with its lenders to defer a crucial financial covenant test.

Belfast Telegraph

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