Barratt Developments’ London boss in bribery scandal shed his £2m stake last year
The boss of Barratt Developments in London, who was today released on bail until 2017, sold his £2m stake in the company this time last year, it has emerged.
Alastair Baird was arrested yesterday by the Metropolitan Police on suspicion of bribery, along with one other former employee of the company. The arrest was relating to alleged misconduct in awarding supply contracts.
Baird, who was a respected and high-level member of the Barratt team, sold 344,475 shares in Barratt in October last year, which will have earned him over £2m. The shares were trading at over 600p during that month.
Barratt reported Baird to the police after an internal investigation launched in August last year. Baird has been suspended.
Read more: London boss of Barratt Developments arrested on suspicion of misconduct
This investigation led to a civil case against another employee, who was fired in February this year.
Edward Craft, partner in the corporate and financial services team at law firm Wedlake Bell, said: “It will be interesting to see if this is a demonstration of anti-corruption adequate procedures at work or whether Barratt is also liable under the Bribery Act 2010.
"The company will now look to its remuneration policies, rules and procedures to identify if it is able to enforce claw back of remuneration awards."