PracticeConsultingFormer FD of Resort Hotels reprimanded

Former FD of Resort Hotels reprimanded

Roland Peter Lewis, the former finance director of Resort Hotels, has been severely reprimanded by the accountants' senior watchdog for failing to correct the false impression given in company documents that he was acting as its executive finance director.

An accountants’ Joint Disciplinary Tribunal found that the description of his role was ‘false’ and ‘was bound to and did give the impression to shareholders that Mr Lewis had an active, executive role in the direction of the financial and accounting affairs of Resort, which in reality he did not have.’

The tribunal made an order severely reprimanded him, and, as agreed with JDS executive counsel Chris Dickson, he was also ordered to pay Pounds 15,000 in costs.

The hotel chain was placed in receivership after serious frauds were discovered relating to a 1992 rights issue. They were perpetrated by Robert Feld, its managing director, who was sentenced to six years in jail.

Lewis, its finance director, became acting managing director after the discovery of the frauds.

But the tribunal findings made clear that at no time was it alleged that Lewis was responsible for failing to prevent or detect the frauds earlier.

The tribunal said that once information leading to the detection of the frauds became known, Lewis acted in an ‘exemplary way to ensure that unsecured creditors were paid.’

Links

JDS turns up heat

Audit probes soar

JDS accuses Coopers of failing to reveal fraud

Accountants’ Joint Disciplinary Scheme website

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

3m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

9m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

11m Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

11m Stephanie Wix, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

10m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

10m Kevin Reed, Writer