All Construction articles

  • fluor_web
    News Brief

    SEC fines Fluor $14.5M over accounting lapses

    2023-09-07T16:15:00Z

    Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.

  • columnist dale
    Opinion

    Whistleblower goes above, beyond in Construction Specialties OFAC case

    2023-08-22T16:23:00Z

    The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.

  • iran_sanctions_web
    News Brief

    Construction Specialties to pay $660K in Iran sanctions case

    2023-08-17T20:11:00Z

    Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.

  • Colombia
    News Brief

    ​Grupo Aval to pay $81M in landmark FCPA case

    2023-08-11T14:52:00Z

    Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.

  • Bribery
    Premium

    ​TRACE enforcement report highlights anti-bribery trends from 2022

    2023-03-16T15:11:00Z

    The United States broke from a three-year downturn in bribery-related enforcement actions, while Brazil continued its emergence in the space, according to the results of the latest annual Global Enforcement Report by nonprofit TRACE.

  • Deloitte
    Article

    Deloitte fined $1.1M for SIG audit lapses

    2022-12-22T18:02:00Z

    Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.

  • Article

    Caterpillar names chief sustainability officer

    2022-12-21T15:55:00Z

    Construction equipment manufacturer Caterpillar announced Dr. Lou Balmer-Millar will assume responsibility for the chief sustainability officer role.

  • Compliance_Fails_2022 Main Art_index
    Premium

    Top ethics and compliance failures of 2022

    2022-12-06T13:00:00Z

    Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.

  • Cybersecurity
    Article

    ICO warns of ‘complacency’ in fining Interserve $5M under GDPR

    2022-10-24T14:29:00Z

    The U.K. Information Commissioner warned companies not to ignore “crucial measures” to prevent cyber incidents following his office’s decision to fine construction firm Interserve £4.4 million (U.S. $5 million) for failing to secure employee personal information.

  • Lafarge
    Article

    Lafarge to pay $778M for supporting terrorist groups ISIS, ANF in Syria

    2022-10-18T20:52:00Z

    French multinational building products company Lafarge pleaded guilty to providing material support and resources to two U.S.-designated foreign terrorist groups in Syria, representing the Department of Justice’s first corporate material support for terrorism prosecution.

  • Construction site
    Article

    Granite Construction fined $12M over exec accounting fraud scheme

    2022-08-26T20:10:00Z

    California-based civil engineering and infrastructure firm Granite Construction agreed to pay $12 million to settle Securities and Exchange Commission charges alleging fraud related to inflation of the company’s financial performance.

  • London dark
    Article

    Ex-Carillion execs to face market abuse claims

    2022-07-28T19:35:00Z

    Three former executives at collapsed construction firm Carillion each face six-figure fines for market abuse for “recklessly” making misleadingly positive and inaccurate statements about the company’s financial health despite knowing it was in trouble.

  • PwC building
    Article

    PwC fined $6.2M over Galliford Try, Kier Group audit lapses

    2022-06-07T15:16:00Z

    PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.

  • Lafarge
    Article

    Court rules Lafarge to face crimes against humanity charges

    2022-05-31T11:51:00Z

    A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.

  • Bribe
    Article

    TRACE: U.S. bribery enforcement continued decline in 2021

    2022-03-18T18:21:00Z

    The number of U.S. foreign bribery enforcement actions slowed notably in 2021, while the overall pace of transnational anti-bribery enforcement actions and investigations lagged worldwide, according to TRACE International’s latest enforcement report.

  • KPMG
    Article

    KPMG facing $1.8B lawsuit over Carillion audits

    2022-02-04T18:29:00Z

    KPMG is facing a £1.3 billion (U.S. $1.8 billion) lawsuit for missing “red flags” during its audits at failed construction company Carillion, which creditors say was insolvent more than two years before it collapsed.

  • Green accounting
    Article

    FRC 2022 reviews to focus on climate risks, fraud

    2021-12-08T18:42:00Z

    The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.

  • Grant Thornton
    Article

    Grant Thornton UK fined for ‘skepticism failures’ in Interserve audit

    2021-11-01T20:07:00Z

    Grant Thornton UK received a “severe reprimand” and reduced penalty of £718,250 (U.S. $981,000) for breaches that arose in the context of audit work on the 2015-17 financial statements of now-collapsed construction firm Interserve.

  • BDO
    Article

    FRC launches probe of BDO over NMCN audit

    2021-10-21T18:42:00Z

    The Financial Reporting Council announced the launch of an investigation into BDO in relation to its audit of U.K. construction and engineering company NMCN, which filed for administration earlier this month.

  • Data presentation
    Article

    Compliance tips for effectively presenting data to key stakeholders

    2021-10-20T16:52:00Z

    Metrics can either strengthen or distract from compliance’s message to key stakeholders. Jennifer Lee, a risk and compliance manager at Caterpillar, shared tips for accomplishing the former at a recent industry event.