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Morgan Stanley fired after Carillion refused advice

Mar 01, 2018 - City A.M.

CARILLION'S top execs sacked Morgan Stanley last summer after refusing to believe advice that a rights issue would fail.

Internal company papers, released today by a parliamentary inquiry into Carillion's failure, reveal the guidance delivered by investment bankers to the company's board last July.

Carillion, which was the government's largest strategic supplier, was preparing to shock shareholders with £845m of contract writedowns. Their severity meant markets would not support a c...