FORMER ABTA head of legal affairs Riccardo Nardi has
agreed to pay £1 million following a civil claim launched against him for funds
“unlawfully diverted” from the association.
ABTA launched a High Court writ against
Nardi in February, claiming damages for fraudulent misrepresentation,
conspiracy and knowing receipt of money paid in breach of trust over a period
between 1995 and 2004.
An agreement was reached on July 7 that Nardi, 37,
will pay £1 million without the necessity of a court hearing. A civil claim
continues against his wife Samantha, believed to be for the sum of £265,000.
ABTA head of legal services Simon Bunce said: “I am pleased to confirm ABTA’s
civil claim against Riccardo Nardi has been settled for £1 million. We can now
begin the recovery process to realise all available assets.”
He added: “The civil claim against Nardi’s wife and
the criminal proceedings against both of them continue.”
Nardi joined ABTA in 1990 as legal adviser and became
head of its legal department in 1996. He was suspended in February following
the uncovering of the alleged fraud at Newman Street.
Bunce said the actual amount of money recovered will
depend on the valuation of Nardi’s assets, which were frozen in February.
However, he said ABTA expects to recover at least half the amount. “We are
confident of getting back a substantial part of the £1 million,” he said.
The agreement has been filed
with the High Court which now allows ABTA to begin the recovery process.