Carillion finance director ‘dumped’ £776k in shares at first opportunity

The former finance director of collapsed construction giant Carillion “dumped” the last of his shares, worth hundreds of thousands of pounds, at the first possible moment, it has been revealed.

Fresh information was published following new letters to the work and pensions and business select committees, which are carrying out a joint inquiry into the company’s spectacular demise.

The Commons committees published responses from Carillion’s former financial director Richard Adam and his successor, Zafar Khan. 0 Richard Adam was formerly financial director at Carillion

Mr Adam retired at the end of December 2016. On 1 March last year he sold his entire existing shareholding for £534,000, including performance awards for 2013-15 of £277,000, which vested on his retirement.

He then sold his long-term incentive plan awards for 2014 on 8 May – the day they vested – for £242,000. Mr Adam sold shares across March and May in total worth £776,000, the committees revealed.

Previous evidence published by the committees said Mr Adam regarded funding Carillion’s pension scheme as a “waste of money”.

Mr Khan had his contract terminated in September after eight months in the job, having “spooked” Carillion’s board with a financial update a few days earlier showing a further decline in the company’s position.