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Travel industry news

19 Feb 2019

BY James Chapple

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Diamond Shortbreak finance chief rapped over missing £700,000

Former Diamond Shortbreak Holidays finance chief Jamie Tann has been disqualified from business for 11 years after squandering £700,000 worth of company funds on failed foreign exchange trades.

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Diamond Shortbreak finance chief rapped over missing £700,000

Tann, 37, of Wallasey, Merseyside, joined the Market Harborough-based travel agent and holiday company in June 2013 as finance director.

 

However, four years after his appointment, Tann was found to be responsible for a £25,000 payment that failed to reach a supplier.


He was dismissed before Diamond Shortbreak filed for administration in March 2017. It then entered liquidation in February 2018, owing creditors more than £10 million.

 

Nearly 100 employees in the UK and South Africa lost their jobs.


An investigation by the Insolvency Service into the causes of the company’s failure later established that between March 2015 and January 2017, Tann misappropriated funds belonging to Diamond Shortbreak worth in excess of £713,000.


Tann was questioned and confirmed he used the funds to conduct foreign exchange trades, adding it was all lost.


Further enquiries, said the Insolvency Service, found Tann caused Diamond Shortbreak to make payments due to the travel agent’s creditors into third party bank accounts, while also creating false payment requests from Diamond Shortbreak’s foreign exchange provider, which he paid either to himself or a third party.


He also received funds due to Diamond Shortbreak and paid them into accounts not belonging to the company, while failing to pay the funds back to the travel agent, the Insolvency Service added.


On December 6 last year, Tann signed a disqualification undertaking banning him for 11 years from directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company, effective as of December 27.


Martin Gitner, deputy head of insolvent investigations for the Insolvency Service, said: “Jamie Tann was appointed to a position of trust at the company.

 

"However, he used that privilege to misuse hundreds and thousands of pounds on what turned out to be unsuccessful foreign exchange trades.


“Eleven years is a substantial ban and should serve as a warning to others that if you misuse company funds then we can have you struck off the register of company directors.”

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