The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Carillion Plc’s former finance director sold shares in the UK construction company worth about $1.1 million months before it imploded, according to parliamentary committees.
Richard Adam cashed in shares for 534,000 pounds in March 2017, less than three months after he retired, and then sold long-term incentive awards in May 2017 on the day they vested for 242,000 pounds, the committees said, citing a letter from the former Carillion official.
Carillion’s collapse in January left behind debts of about 1.6 billion pounds and triggered a debate in Britain about the extent to which the government relies on businesses to provide public services and build infrastructure including schools, libraries and roads. The company’s fall gathered pace last July after a series of construction contracts soured. Three profit warnings in about half a year caused its shares to plummet.