Nardi to pay £1m

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.