黑洞社区

The parliamentary inquiry into Carillion鈥檚 collapse has accused former finance director Richard Adam of 鈥渄umping鈥� his shares at the 鈥渇irst possible moment鈥�.

The comments from the co-chair of the inquiry Frank Field come after the publication of letters from former finance directors Adam and Zafar Khan.

Field, who chairs the work and pensions committee, said: 鈥淢r Adam presided over Carillion鈥檚 finances for a decade. He, more than anyone else, ought to know the merits of Carillion shares as a long term investment in the light of his lengthy and lucrative tenure.

鈥淗is assessment? Dumping the last of his shares at the first possible moment because he is 鈥� with his own money at least 鈥� 鈥榬isk averse鈥�. What conclusions are we to draw from that?鈥�

Adam (pictured) retired from his position at Carillion on 31 December 2016.

On 1 March 2017 he sold his entire existing shareholding for 拢534,000, including performance awards for 2013-2015 of 拢277,000 which vested on his retirement.

He then sold his long term incentive plan awards for 2014 on 8 May 2017, the day they vested, for 拢242,000.

In total, he sold shares worth almost 拢776,000 within six months of retiring from the failed contractor.

The company鈥檚 shock profit warning of 拢845m 鈥� which had to be revised up from an original 拢695m by interim chief executive Keith Cochrane 鈥� was announced on 10 July last year.