EXCLUSIVE: Massive fraud at Sunvil
Sunvil Holidays has uncovered a multi-million pound fraud by one of its former employees.
The fraud dates back several years and has echoes of the case involving Riccardo Nardi, the crooked former ABTA legal chief who was jailed for stealing money from the association.
However, the specialist operator has recovered the bulk of the cash and, ironically, is now in a far stronger trading position than in previous years. Its bank balance has been swelled by money that managing director Noel Josephides only recently discovered belonged to the firm.
The sums involved in the fraud dwarf those in the Nardi case. Despite going undetected for such a long period, the crime was apparently unsophisticated and was spotted by one of the operator’s bankers.
Originally a Greek specialist, Sunvil still takes around 20,000 passengers to the country each year. But it has re-invented itself in recent years as one of the UK’s leading operators to African destinations, in an attempt to boost its profitability.
Josephides, speaking exclusively to TravelMole, was clearly shaken by the fraud committed by a trusted member of staff.
But he said the huge silver lining to the case was that it had left Sunvil stronger than at any time in its history.
“It is like a film script and one day I’ll tell the story, but for legal reasons I can’t say much at this stage,” he said.
“In recent years we’ve been a profitable company, but it’s been a struggle and I put it down to market conditions. In truth we were far more profitable than I realised, but money was being taken out of the company.
“Now we’ve recovered a significant sum and, as a result, Sunvil’s financial status is stronger than in its entire 37-year history.”
Josephides admitted it was shocking that the fraud could have gone undetected for so long.
“We’re obviously reviewing everything so thoroughly and going through all the procedures with a fine tooth comb. I’m the managing director and I have to take responsibility for the company.”
He refused to comment on whether there would be criminal proceedings against anyone involved in the fraud.
by Jeremy Skidmore (www.jeremyskidmore.com)
Jeremy Skidmore
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Airlines suspend Madagascar services following unrest and army revolt
Qatar Airways offers flexible payment options for European travellers
TAP Air Portugal to operate 29 flights due to strike on December 11
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Airbnb eyes a loyalty program but details remain under wraps