€940,000 deal for crash rail chief

Jarvis, the company responsible for track maintenance at the time of the Potters Bar train crash, paid its chief executive a near-£600,000 (€940,000) package last year, figures showed today.

Chief executive Paris Moayedi scooped a £425,000 (€664,500) salary for the financial year to March 31 2002, up from £330,000 (€516,000) the previous year.

According to the group’s annual report and accounts, available on its website, the chief was also paid a £150,000 (€234,500) bonus. Including other benefits, his total package was £595,000 (€930,000).

However, Jarvis defended the payment, saying the bonus actually related to the previous year to March 31 2001 - but was only paid during the year just gone, which is why it appears in the latest report and accounts.

A spokesman said any bonuses which may be paid for the year to March 31 2002 had ‘‘not been finalised’’.

Bonuses for the last year will be revealed in next year’s report and accounts.

He added: ‘‘The pay rise is the first that the chief executive has had since 1998, and was to bring him into line with his peers in the industry.’’

He also pointed out that the Potters Bar crash happened in May, nearly two months after the end of Jarvis’ 2002 financial year.