Corporate Travel Management is hoisting red flags faster than the frontline heraldry of a medieval cavalry charge.

At 7:37pm on Wednesday, long after the market's close, the under-fire Brisbane roll-up lodged a sensational change of director's interest notice for chairman Tony Bellas. On February 14, he disposed of 180,836 shares, 82 per cent of his stake, worth $4.5 million (at an implied average share price of around $24.90). A month ago!