Nardi apologises to the trade

In an open letter handed to Travel Weekly, Riccardo Nardi admitted his actions were “panicked and ridiculous” and apologised to ABTA and the industry.

Nardi, who swindled £1 million from the ABTA coffers, claims he should be remembered for all the benefits he delivered during his time as ABTA’s legal head.

“The real Riccardo Nardi is exactly the person you all saw flying the flag for ABTA on so many matters,” he wrote. “The money I have wrongly and inexcusably taken is a tiny fraction of the benefit I have delivered.”

The letter, passed on via his solicitor at his Crown Court sentencing on Wednesday (March 16), follows. It has been edited for legal reasons.

___________________________

Riccardo Nardi HMP Wandsworth

To Whom this May Concern

15 March 2005

Dear Sirs,

Readers of the travel and national press will have seen much discussion of my case over the last year.  A lot of comment over this time has been fair and accurate but equally some has not.  I feel I owe a duty to apologise directly to ABTA members, their employees and to ABTA’s staff who may not have seen my previous apology to ABTA itself.

I felt that the trade press which was always very fair to me whilst I worked at ABTA was the best way of communicating this message.

Firstly I must say how truly sorry I am to everyone that any of this has occurred.  By now my barrister, Charles Ward-Jackson will have explained how I got myself into a position where I desperately and stupidly did what I did.  There is little that I can add to all of those details here, I have held up my hands and accepted my guilt at the first possible legal opportunity to do so, and indeed admitted everything to ABTA a year ago.  My counsel will have by now presented the truth openly and honestly to the court, the public and the travel industry, you all deserve the truth. I wish I could have said this earlier but the legal process slows everything down for everybody.

I hope that everything that has been said on my behalf illustrates that far from a cynical and carefully planned attack on ABTA it was actually quite the opposite.  It was rushed, panicked, unprofessional and ridiculous.  I found myself in a vicious circle that I couldn’t seem to get out of and in the end got dragged back into it following a personal bereavement after which with hindsight I don’t think I cared if I was caught, I no longer cared whether or not I was caught, I was just numb.  Through 2003 until 2004 the guilt of what I had done became impossible to ignore and whilst I was calm on the outside I now see that I unravelled within.  I am fully responsible for my actions and I hope that readers will not think any less of ABTA.  I loved ABTA as anyone who has known me over the last 14 years will have seen clearly.  I was passionate about what ABTA stands for and won many victories for ABTA and the industry as a whole.  I also helped many of you, reading this now, with your own business issues and tried to ensure that the legal team was always there for members.

One cannot pretend to be motivated and passionate about what one does, my passion was real for all to see and this is why my criminal actions are just “not me”.  The real Riccardo Nardi is exactly the person you all saw flying the flag for ABTA on so many matters, like PSC or Codes or Insurance for so many years. 

Please remember the good things I achieved at ABTA.  The Legal Department has consistently over the last 7 years been given the highest member satisfaction ratings through its work and help given to members.

The PSC victory was the first around the world and was mirrored the world over with my help.  Even the ABTA Board was reluctant to believe me when I said we could and should fight the airlines in court.  That victory was worth £15million and £5-6million a year every year since then to the trade.

Beating GIC and the OFT was the first ever case considered under the Competition Act 1998, this was worth millions of pounds to the industry and stopped insurers from controlling how you all sell insurance. 

The victory on Insurance Regulation, a jewel in ABTA’s crown, is worth tens of millions of pounds a year. I alone took that fight up.  I spotted the problems the EU Directive could bring, I wrote ABTA and the European lobbying position and I alone lobbied MEPs and the EU Commission to change the draft Directive.  I succeeded against all the odds, including the £26billion annual insurance industries mite. I then persuaded the UK government not to regulate you all and personally put together all of the statistics needed to back up my arguments and to show that insurer’s claims about you were wrong. 

My arguments in this insurance case were very simple.  I told the truth, I always did and scratched my own head in disbelief as to how I hated my own present terrible situation.

Please then remember the good. ABTA, its members and the industry are in a much better position now due to my good actions than 8 or 9 years ago.  The money I have wrongly and inexcusably taken is a tiny fraction of the benefit I have delivered and that ATBA has delivered to those reading this letter.  This is not an excuse for my wrongdoing but I hope that you will put all of this into the balance when you consider my actions.

In the future agents and operators should be confident and strong with the courage to stand up against pressure from other parts of the industry or against new harmful legislation.  This is where ABTA is at its best.  Only ABTA can present a proper united agent/operator large/small, balanced position.  Without all of these elements any position put forward by a section of industry is much weaker and less credible.  You have a great unique organisation in ABTA, use it and benefit from it. The staff there are truly committed to the industry and I was privileged to have worked with them. 

Finally I must also apologise to the biggest and most vulnerable victims in all of this, my wife and children. 

Once again I apologise to you all.  Please remember the benefits I have delivered to you all over the years and which are helping your businesses now.  Please also see that this is a tragic situation in the truly classical sense, i.e. I am someone who has brought myself and my family down through my foolish actions.