Carillion brought down by 'rotten' culture and greedy Directors

Construction firm Carillion had a "rotten corporate culture" with directors who put their own financial rewards ahead of all other concerns, according to a report into the firm’s collapse.

The 100-page report from the Work and Pensions and the Business, Energy and Industrial Strategy committees said that the company’s board was “either negligently ignorant of the rotten culture at Carillion or complicit in it.”

It criticised Carillion for being “reckless in the pursuit of growth” and having “scant regard for long-term sustainability or the impact on employees, pensioners and suppliers.”

The construction giant collapsed in January this year. It employed 43,000 people, about 20,000 of them in the UK, thousands of whom have lost their jobs.