By Chris King • 05 December 2020 • 3:34
GRENFELL TOWER Cladding Supply Company Cash In £123million Shares since the fire
Bosses and directors of Kingspan, the company that sold the ill-fated cladding materials allegedly responsible for the Grenfell Tower disaster, reportedly cashed in £123million of shares in the months leading up to the inquiry where the company was officially accused of selling hazardous building products, that could have caused the blaze.
Eugene Murtagh, founder, and company chairman apparently made £76million, while Gene, his son and chief company executive, made £22million, elevating the Murtagh family to the fifth richest in Ireland, according to the Sunday Times Rich List, with an estimated combined wealth of around £2billion, with Kingspan being worth £11.18billion.
Two other directors, Gilbert McCarthy and Peter Wilson, along with Gene Murtagh, allegedly cashed in £6million worth of shares.
The vice-chairman of the Grenfell United survivors’ committee group, Karim Mussilhy, commented, “It’s completely outrageous that Gene Murtagh and his family have continued to profit. Do they have no shame?”.
The inquiry is still ongoing into the firms and materials used in the Grenfell Tower refurbishment between 2014 and 2016, with lawyers for the bereaved families stating that information obtained from firms that supplied the materials, including Kingspan, showed that they had openly sold those flammable materials which were known to be, “dangerous to life”, adding that Kingspan showed, “unrepentant arrogance”.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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