Tuesday, December 05, 2006

Building Profits

The Herald reports a company boss has paid himself an £18m dividend while he takes a year out from business. An employee at Front Line said Mr Ward had "semi-retired" and was taking a year out. He was expected to return next April to serve another six months before "finishing up".
John Ward , now one of Scotland's richest men with the pay-out, which came as he prepared to hand over the reins at Front Line Construction , owns 99% of the shares in Front Line, which was formed in June 1979. He will have received the vast bulk of the special dividend of £17,988,950 which the accounts show was paid to shareholders on April 6, the first day of the current tax year. A further £396,535 was paid later in the month, mostly in non-cash assets.

The Herald also mentions in the same article as an aside that Stewart Milne became the highest-paid director in Scotland last year when he drew a £5m salary from his Aberdeen-based building firm.

Nice to know that when Shelter reports 40,000 people were found to be homeless by local authorities in Scotland alone and that 1.6 million children in Britain are either homeless , trapped in temporary accommodation, or living in overcrowded or unfit housing some people are making a nice little earner and profit out of the construction industry.

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