Carillion ex-director Zafar Iqbal Khan banned for a decade
London
Former director of Carillion PLC Zafar Iqbal Khan was on Monday banned from the boardroom for 11 years by the UK government’s Insolvency Service.
Khan, the then finance chief of the British construction firm, has been banned for his alleged role in misleading investors by presenting fraudulent financial statements.
UK Insolvency Service spokesperson said the ban against ‘Zafar Iqbal Khan for 11 years for his conduct as a director of Carillion PLC’ has been accepted.
‘As the litigation against the remaining directors is ongoing, with a trial set to commence from 16 October, the Insolvency Service is unable to comment further,’ he added.
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Khan along with eight other former directors of Carillion PLC were indicted after Kwasi Kwarteng, the then Business Secretary in 2021 found sufficient proof to proceed legally.
The legal proceedings were the result of a probe in into the notorious fall of Carrillion which was into construction, upkeep of hospitals, roads, and delivering meals in schools.
Carillion was holding over 450 government construction and service contracts at the time of collapse after discovery of over 7 billion pounds debt.
The closure led to over 43,000 people losing jobs of which 18,000 were based in Britain.
The company tanked in 2018 with several anomalies in filing of financial reports came to fore which prompted the government to initiate reforms in laws to avoid repeat of such financial debacles in future.
