MPs have slammed the former finance director of collapsed construction giant Carillion for “dumping” his shares in the troubled company at the “first possible moment”.

Richard Adam was singled out for the cynical move by the Work and Pensions and Business Select Committees, which currently carrying out a joint inquires into Carillion’s demise.

They have published responses from Mr Adam, firm’s former financial director, and his successor Zafar Khan.

The MP’s findings show that Mr Adam retired at the end of December 2016 and, on March 1 last year, sold his existing shareholding for £534,000, including performance awards of £277,000 for 2013 to 2015, which vested on his retirement.

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

In total, in March and May 2017, he sold shares worth £776,000, the committees found.

Mr Khan had his contract terminated last September after eight months in the job.

Frank Field, chairman of the Work and Pensions Select Committee, said: “Mr Adam presided over Carillion’s 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.

“His assessment? Dumping the last of his shares at the first possible moment because he is – with his own money at least – ‘risk averse’. What conclusions are we to draw from that?”