Feld dismayed at fraud charges

01 January 2000 by
Feld dismayed at fraud charges

Robert Feld, former managing director of Resort Hotels, said he was "utterly shocked and astonished" at the charges being brought against him by the Serious Fraud Office (SFO) after he appeared before Brighton magistrates in the week before Christmas.

Mr Feld was charged with a total of three offences under the Financial Services Act 1986 and a further 13 under the Forgery and Counterfeiting Act 1981.

The charges relate mainly to a profits forecast of ú6m given by Mr Feld at the time of a rights issue in April 1992. A year later Resort's shares were suspended, a subsequent loss of £70m was reported and most of its hotels sold to Jarvis Hotels prior to receivership.

But Mr Feld vehemently denied he had been involved in any wrongdoing. "The charges appear to arise out of highly technical corporate finance issues which involved the participation and advice of a large number of experienced City players," he said.

He further claimed the SFO had broken a promise made during its investigations that if any allegations were to be made against him he would be given the opportunity to reply prior to court action.

Mr Feld has been remanded on bail until 14 February, but it will probably be a year before he gets the opportunity to contest the charges.

"I remain confident that when my side is heard the case will stop dead in its tracks," he said.

  • Jarvis Hotels is said to be targeting April or May for its forthcoming stock market flotation.
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