Finance boss disqualified after £700,000 scam
The finance boss of failed operator Diamond Shortbreaks has been disqualified for 11 years after misappropriating £700,000 of company funds on failed foreign exchange trades.
The penalty was revealed by the government’s Insolvency Service.
Jamie Tann worked as financial director for the coach holidays and rail breaks specialist, which failed two years ago.
It was discovered that he was responsible for a payment worth £25,000 that did not reach a supplier four years after his appointment.
Tann’s employment with the opertor was terminated before Diamond Shortbreak Holidays entered into administration in March 2017.
The company entered into liquidation in February 2018 and caused job losses both in the UK and in South Africa.
Creditors were also owed money to the value of more than £10 million.
The Insolvency Service looked into the causes of the company’s failure and found that Tann had misappropriated funds belonging to the company worth at least £713,000 between March 2015 and January 2017.